XL Group Adds New Marine Underwriters in Key Trading Hubs

XL Group plc has added three new underwriters to its inland marine field team in the key trading hubs of New York, Cleveland, and Atlanta.

The goal is to put underwriters with inland marine expertise close to clients, agents, and brokers in those areas to continue to establish its inland marine field operation, according to a statement from the company.

"Now, brokers and businesses in these regions have direct access to XL's local underwriting expertise, which can also tap into our global insurance network as they need it," Richard DeSimone, president of XL's U.S. ocean and inland marine unit, said in the statement.

XL (NYSE :XL) has hired Michael Perrotti as senior vice president of marine field operations in Cleveland. Previously he managed the expansion of Zurich North America's inland marine and marine property/casualty business. He has close to 20 years of experience, including marine underwriting positions in home office and field management for Hartford Insurance Group, Travelers, and Atlantic Mutual Cos.

The company also hired Ken Mueller as regional vice president in Atlanta. Previously, he managed the inland marine business in the southeast for Travelers as regional vice president, overseeing Florida, Georgia, and Alabama. He has worked in the marine industry for more than 20 years in underwriting and management for Atlantic Mutual Cos. and Crum & Forster.

And in New York, XL has appointed Ryan Faris as marine underwriter. Previously, he was underwriter for XL's offshore energy department in New York. His career began in 2005 as a claims adjuster for the marine department in XL's Houston and New York offices.

In October, XL said it was expanding its inland marine coverage and building its marine insurance business when it hired three new underwriting managers based in Hartford, Conn.: Anne Marie Elder as senior vice president of inland marine, Virginia Cameron as senior vice president of marine, and Alexander McGinley as vice president of marine underwriting.

The new marine insurance offerings are an effort to accommodate "changing marine risks and insurance needs," DeSimone said in an Oct. 24 press release.

According to a Nov. 28A.M. Best statistical study on U.S. inland marine insurance, market share among the top 25 writers continued to increase from 2009 to 2010. XL America Group ranked 37 among writers in 2010 with $53.2 million in direct premiums written, which was down 15% from the year before.

XL Group has been working on repositioning itself in the industry with new insurance lines and businesses. In October, the company launched a new logo and advertising campaign for a "fresh look that really communicates all the things that are going on at XL." XL has grown its underwriters to about 600 in the previous year, has launched a new product in response to changes in food safety laws, and recently began operating in China, the Middle East and Brazil (Best's Insurance News, Oct. 3, 2011).

On Nov. 2, XL Group reported its third-quarter earnings fell to $42.5 million from $77.5 million, saying a prolonged low interest rate environment, reserves running dry, and underpricing were to blame, along with $110.6 million in natural catastrophe losses (Best's News Service, Nov. 2, 2011).

With its ultimate parent based in Dublin, Ireland, XL Group is a global insurance and reinsurance company that provides property/casualty, professional, and specialty products. The company's products are generally tailored for complex corporate risks, according to BestLink, but the company is focusing on insurance lines with the best return on capital. Its marine coverage includes marine hull and machinery, marine war, marine excess liability, cargo and offshore energy insurance, the report says. It also offers marine aviation as a specialty reinsurance product.

Shares of XL were trading the afternoon of Nov. 28 at $19.42 a share, up 2.64% from the previous close.

The majority of members of XL Group plc have a current Best's Financial Strength Rating of A (Excellent).

(By Marie Suszynski, correspondent, BestWeek)