XLGroup to offer Shari???ah compliant insurance cover

UK: XL Group has announced that it will offer Shari’ah compliant insurance cover to large corporate and middle market clients. Initially it will focus on property cover, with a maximum capacity of up to USD300 million. With this offer it is targeting markets worldwide, with the exception of the U.S. and Canada, by entering into a strategic tie-up with Cobalt Underwriting.

Jason Harris, chief executive – International P&C insurance for XL Group, commented: “We are delighted to be the first global insurer in the London market to offer commercial Shari’ah compliant insurance capacity to large and middle market companies via Cobalt Underwriting. This is a growing, untapped market and as we explore other product offerings, we are looking forward to help develop it.”