XL Catlin has received approval to issue insurance in the Principality of Monaco through XL Insurance Company SE (XLICSE).
As of March 10th, the re/insurer can officially begin operations in Monaco, where the firm’s become one of the only global re/insurers with approval to offer products to both local brokers and clients under its new license.
XL Regional Manager, France & Southern Europe – Insurance, Bruno Laval, commented; “There is significant opportunity for us in Monaco. The financial sector represents nearly 17% of the Gross Domestic Product; life sciences accounts for 50% of the local industry and 30% of the population are considered High Net Worth individuals.
“These are all strategic areas of focus for our business. We believe our Property, Liability, Marine and Fine Art & Specie solutions, as well as our global expertise, will be extremely relevant for local and global companies as well as for brokers with operations in the Principality.”