XL reinsurance gets closer to its regional US clients
XL Group’s recent expansion of its US reinsurance operations with the opening of offices in Dallas, Texas and Philadelphia, Pennsylvania, combined with the launch of a property facultative arm to cover the western region has been prompted by a desire to get closer to its clients and work with them more strategically.
That is how Kip Walker, XL managing director and manager of property facultative reinsurance operations, who is based in Atlanta, explained the philosophy behind the plans to Intelligent Insurer.
“XL’s facultative reinsurance distribution model is one centred on a meaningful relationship with the client,” Welch said. “While Texas and the south-western US have previously been serviced by the existing branch network, the move to Dallas, Texas, provides us with the opportunity to get even closer to the client. The expansion into the Philadelphia marketplace was driven by the same fundamental belief in the value of a local presence.”
The company’s new Texas office will be led by Dean Wolfe, who was also recently promoted to western regional manager of XL’s newly formed Property Facultative Western Region business, while its Philadelphia office will be led by senior underwriter Margaret LoSapio.
Walker said he sees many opportunities for the business in these locations but its growth will also be led by the demands of its clients.
“The clients and their needs will drive future strategic positioning decisions,” he said. “We view the role of the reinsurer as that of an enabler. XL’s Reinsurance Facultative product is one tailored to the customer’s needs. It is designed to enhance the client's existing product and capability which in turn will allow the customer to secure more business and succeed in their respective space, whether by product line or geography.”
He added that XL’s reinsurance facultative risk profile is wide and varied. “Ultimately the offerings are driven by the client’s needs,” he said. “As such, the department has the ability to offer large fire capacity as well as catastrophe coverage, both modelled and unmodelled. We aim to align our capabilities to the needs of the client and to be able to respond quickly to those needs.”