XL Catlin secures green light to write insurance in Monaco

Re/insurer XL Catlin has received regulatory approval from the Monegasque Minister of State to provide insurance policies in the principality of Monaco.

The licence allows XL to offer its products on an admitted basis directly to local brokers and clients. The company is one of the few global insurers to have obtained such a licence, it said.

"There is significant opportunity for us in Monaco," said Bruno Laval, regional manager, France and Southern Europe – Insurance. "The financial sector represents nearly 17 percent of the Gross Domestic Product; life sciences accounts for 50 percent of the local industry and 30 percent 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 and 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."

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