XL launches Lloyd’s first Shariah compliant product
XL Group and Cobalt Underwriting, the specialist Shariah compliant managing general agency, have launched the first Shariah compliant product available through Lloyd’s.
XL will write the equine cover, which responds to named perils, mortality, theft, infertility and permanent disability, amongst other risks.
The company said that the need for Shariah compliant equine insurance coverage has never been greater, with horses frequently moved around the globe to participate in a number of events.
Richard Bishop, chief executive officer of Cobalt Underwriting, said: “We are delighted to be able to offer the first Lloyd’s Shariah compliant product and provide our clients with access to secure Shariah compliant insurance coverage in what is a very specialised and exciting market. It is also another clear sign of the London market’s ability to deliver innovative products that meet the changing needs of clients across the world in the way they want them to be both structured and delivered.”
Guy Morrison, chief underwriting officer of equine at XL Group, said: “Today the movement of horses is supported by a highly specialised shipment and logistics industry. But travel, with varying climate and handling conditions, exposes these animals to a raft of risks.
“Until now, owners, especially those of Arabian horses, have not had the opportunity to insure their treasured animals in a Shariah compliant manner. We hope this coverage will give owners the reassurance that their horses are well covered when participating and supporting the vibrant equine industry at events around the world,” he said.
Vincent Vandendael, Lloyd’s director of global markets, added: “It’s very positive progress to see the Lloyd's market providing its first Shariah compliant insurance coverage. Takaful insurance products are an important offering to our customers and business partners in a growing number of markets around the world.
“It is great to see the market adapting to our customers’ needs and innovating with new products such as this. Lloyd’s unique structure means we are ideally equipped to provide Shariah compliant insurance and reinsurance as we continue to expand globally.”
