Global insurance firm XL Catlin has partnered with South Carolina-based Ventus Risk Management to provide commercial property insurance products for small and mid-sized enterprises (SMEs).
The deal will allow Ventus to offer commercial property insurance products for its customers.
With the support of key distribution partners, both firms will provide enhanced property insurance solutions to the catastrophe exposed SME market.
According to XL Catlin, the products will be supported by collateralized catastrophe reinsurance funds and traditional reinsurance.
Ventus CEO George Reeth said: "We are initially targeting select classes of coastal commercial property risks, leveraging our proprietary industry-leading catastrophe risk analytics with the combined strength of XL Catlin’s access to capital markets reinsurance capacity and strong balance sheet."
XL Catlin alternative capital head Craig Wenzel said: "We are excited to be partnering with this experienced team in bringing leading-edge modeling and distribution practices to the marketplace."
Last December, XL Catlin’s Global Professional business launched new financial institution bond insurance policies in the US.
The products were designed to provide financial institutions with balance sheet protection against employee dishonesty, burglary, robbery, forgery, and similar crimes.
XL Catlin’s insurance firms offer property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises across the globe.
Image: The partnership will offer enhanced property insurance solutions to the catastrophe exposed SME market. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.