EXEL forms reinsurer

By David Marchant

29 years ago

Topics

Bermuda Insurance

Keywords

Bermuda Insurance Market XL Insurance

Bermuda-based EXEL Ltd. has announced it intends to establish a wholly-owned subsidiary, XL Reinsurance Company Ltd., to provide specialty reinsurance coverage for captives, commercial insurance reinsurance companies, with a start-up capital of $250 million. It is expected to be operational by December 1, 1995.In addition, another EXEL subsidiary, XL Insurance Company Ltd., will increase the maximum limits offered to general liability clients to $150 million from $100 million. Individual directors and officers liability insurance limits for “Side A” coverage only are being raised to $50 million from $25 million.

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