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XL Insurance raises property insurance capacity to $750m

The XL Capital Building (Photo by Glenn Tucker)

XL Insurance, the global insurance underwriting operations of XL Group plc, has announced an increase in its property insurance capacity from $600 million to $750 million.Joseph Tocco, head of XL Insurance’s North America Property unit, said: “More businesses are showing a preference to work closely with one carrier to achieve a much more coordinated approach to protecting their properties, wherever they operate. It’s a smart approach for businesses looking for consistency in their risk management efforts and it also allows a carrier like XL to really get to know the operation and the individual facilities which, of course, can only translate to more effective protection.”Up to $750 million in property capacity is now available to businesses who buy 100 percent of their property coverage from XL Insurance. Available coverages include property damage and business interruption on a named perils and all risks basis, with significant global wind, flood and earthquake capacity available.“With this added capacity, we have extended our ability to address 100 percent of many more businesses’ commercial property insurance needs,” said Mr Tocco.“We are well-equipped to take on the role of sole risk management partner to more businesses providing the insurance capacity they need along with global loss prevention consulting and claims management services which provide their own advantages.”