XL Catlin introduces innovative Brexit continuity clause

XL Catlin introduces innovative Brexit continuity clause
21
Mar

XL Catlin’s London-based insurance operations have introduced an innovative contract continuity clause. The clause addresses the risk that contracts written by XL’s London-based entities prior to Brexit may become impermissible assuming passporting rights are lost as a consequence of the UK leaving the European Union. XL Catlin is proceeding with its Brexit plans that were publicized on September 19, 2017 as the recently announced agreement between XL Group Ltd and AXA SA does not impact these plans.

The clause is intended to be included in insurance policies written by Catlin Insurance Company (UK) Ltd, (CICLUK) – a PRA and FCA regulated insurance company – and XL Catlin’s syndicate 2003 at Lloyd’s. These two entities will remain in the UK after XL Insurance Company SE (XLICSE) – the main insurance company platform for XL Group within Europe and Asia – moves to Dublin, Ireland, subject to regulatory approvals. It is important to note that moving XLICSE is simplified by the entity’s status as a Societas Europaea, which means it can continue as the same legal entity and move to Ireland with relative ease (and without a court sanctioned portfolio transfer) to the benefit of XL Catlin’s business, its clients and to brokers. The move also means that XLICSE’s policies do not need to rely on the clause.

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Sobre XL Catlin:

XL Catlin es la marca global utilizada por las filiales de seguros y reaseguros de XL Group Ltd (NYSE: XL) que proveen de productos en áreas de daños materiales, responsabilidades civiles, responsabilidades profesionales y otras especialidades a empresas industriales y de servicios, de seguros y otras, en todo el mundo. XL Catlin es la compañía a la que los clientes recurren en busca de respuestas para sus riesgos más complejos y para ayudarles a que su mundo siga avanzando. Encuentre más información en nuestra página web xlcatlin.com.