XL Catlin has opened a new office in Washington DC, and also reported a doubling of its gross written premiums for construction business insurance in the USA.

The Bermudian-headquartered group’s Political Risk, Credit and Bond Insurance team has opened the new office in the US capital.

Dan Riordan, president of PRCB said: “This year is particularly important to our growing team around the world. Having a dedicated PRCB office right here in Washington DC further strengthens our global reach and provides our partners with local contacts in a city where public and private-sector clients do business every day.”

The new office is home to PRCB underwriters and risk analysts focusing on both US and international markets.

According to Mr Riordan, “this new hub is evidence of XL Catlin’s commitment to bringing our expertise closer to our local and international clients. The new office strengthens and builds on our growing capabilities to serve markets across time zones and regions.”

Meanwhile, XL Catlin’s North America Construction business has recorded $2 billion in gross written premiums.

Gary Kaplan, leader of the business, said: “In 2010, at a time when the construction industry was struggling from an economic downturn, XL Catlin invested in building a dedicated insurance business focused on delivering the effective risk management guidance, services and insurance products to North America’s top contractors when they needed it most.

“Now, with commercial construction activity in full swing, our clients are clearly seeing the benefits in working with the market’s experienced construction risk management team to help maintain their forward momentum. Our significant premium climb — doubling our GWP in just about 18 months — is proof.”

Mr Kaplan added: “Construction risks are complex and very few insurance carriers have the ability to comprehensively address these risks. But I’m proud to say that we do.

“Our success in such a short period of time hinges on this team’s ability to build long-term relationships with contractors, clearly understanding their changing business needs and issues they face and providing them with products and services that help them protect their profitability, maintain a competitive edge and improve safety on the job site.”