Launches new middle market unit in Netherlands
XL Insurance has expanded its middle market offering by launching a new team based in Amsterdam to sell property and casualty (P&C) insurance to companies based in the Netherlands.
The dedicated middle market team will offer P&C services to companies with an annual turnover between EUR 30m and EUR 300m. The development of additional products for this market, including Directors & Officers insurance, is planned.
The new Dutch unit completes XL’s middle market rollout in Continental Europe. The insurer now has units based in Vienna, Zurich, Milan, Madrid, Munich, Paris and Amsterdam. XL has had a middle market offering in the UK since June 2008.
XL’s property insurance for the middle market covers damages and business interruption as well as damages from natural disasters. Its casualty solutions cover general third party liability, product liability, product recall and environmental liability.
With shrinking insured volumes as a result of the recession, XL is realistic about growth prospects for the new department. Daniel Maurer, chief underwriting officer, Middle Market P&C, Continental Europe & Asia, said: “There is never a perfect time to enter a new market. We are confident this is a good time to establish an operation in order to be ready and operational when the economy returns to normal.’