XL Winterthur Opens Umbrella Unit
NU Online News Service, Jan. 29, 12:28 p.m. EST ?XL Winterthur International in New York announced the establishment of a new unit today offering umbrella coverage for firms with revenues over $250 million.
XL Winterthur is the large account risk management business of XL Capital Ltd. Its new Excess Casualty unit will also be based in New York.
The new operation will offer lead umbrella capacity up to $25 million excess of minimum attachment points of $1 million.
Excess liability following-form coverage also will be available subject to a maximum capacity of $50 million per account. The business will be underwritten on an admitted basis in the United States, with policies issued by Winterthur International America Insurance Company.
The company said the unit will target risk management accounts with revenues greater than $250 million.
All classes of business will be considered, it said, with the following exceptions: automotive manufacturers to include critical parts, chemicals, integrated oil companies, truckers for lead umbrella coverage, pharmaceuticals and invasive medical devices and residential contractors.
Diane Amodeo, an XLWI vice president will head the unit.
George Keller, executive vice president of Winterthur International America Insurance Company and deputy chief executive officer XLWI Americas, said XL's new initiative was created to answer clients' and brokers' needs for stable, reliable umbrella and excess capabilities in the U.S. marketplace.
XL Capital Ltd., through its wholly owned subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.
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