XL Catlin’s London-based insurance operations have introduced a Brexit contract continuity clause. Bold Penguin and TechCanary are partnering to use their respective technology to streamline commercial lines sales for agents.
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XL Catlin’s London-based insurance operation introduced a Brexit contract continuity clause.
The new offering addresses the risk that contracts written by XL’s London-based entities before Brexit may become impermissible if passporting rights are lost after the UK leaves the European Union.
The clause is intended to be included in insurance policies written by Catlin Insurance Co. (UK) Ltd., a UK-regulated insurance company, and XL Catlin’s Syndicate 2003 at Lloyd’s. These two entities will remain in the UK after XL Insurance Co. SE (XLICSE), the main insurance company platform for XL Group within Europe and Asia, moves to Dublin subject to regulatory approvals.
XL Catlin said it is important to note that moving XLICSE is simplified by the entity’s status as a “Societas Europaea,” which means it can continue as the same legal entity and move to Ireland with relative ease (and without a court-sanctioned portfolio transfer) to the benefit of XL Catlin’s business, its clients and brokers. The move also means that XLICSE’s policies do not need to rely on the clause.
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Bold Penguin and TechCanary are partnering to use their respective technology to streamline commercial lines sales for agents.
Bold Penguin is an InsurTech portal provider for commercial lines property and property/casualty agents. TechCanary sells a cloud-based configurable analytics-driven insurance product (built-in Salesforce as an agency management system) for agencies, brokers, MGAs MGUs and wholesalers.
The two companies said that the combination of their respective technologies will reduce the time from consideration to close and help agents continually improve both customer support and commercial lines sales.
Sources: XL Catlin, Bold Penguin/TechCanary