XL Catlin adds to its professional liability products
Insurance group XL Catlin has introduced improvements to its professional liability insurance services to better cater to the needs of design companies, such as architectural and engineering firms. The insurer is enhancing the services provided by its design professional team to cover risks in areas including software development, website design and data storage. It has also introduced principal protector coverage for design firms to cover them for risks arising from involvement with non-profit entities.

XL Group Ltd.XL recently introduced two new enhancements in its professional liability insurance services, in its efforts to provide better insurance for professionals. This not only implies an expansion in professional insurance services but also includes Principal Protector Coverage for large design firms.

Technological advancements in the present have paved new ways of service delivery by architectural and engineering firms. Hence, the design sector is always on the verge of being exposed to evolving risks. Given the dependence of design professionals on technology in the day-to-day project management and client relationship activities, XL Catlin's (the global brand name used by XL Group) Design Professional team is expected to be better armed to serve such customers with this newly added enhancement.

The professional services provided by the design professional team are inclusive of existing and new evolving technologies that provide various services such as development of software programs, system and applications, database design and maintenance, warehousing data, digital tools etc. It is also involved in website designing as well as hosting various data and application sites. The company would thus cater to such risks by expanding its insurance coverage.

XL Catlin has also introduced Principal Protector Coverage for large design firms, in order to support its clients' corporate social responsibilities. This particular policy offers supplemental services beyond the firm's policy limits for any present, former or retired employees of the firm for claims arising out of laxity by participating in non-profit entities.

XL Catlin has always been proactive in meeting its customers' varying needs through several product upgrades, new product launches etc. Recently, XL Catlin introduced a new Safety Optimization and Aviation Resource Program or SOAR, for its select general aviation insurance clients. This professional insurance coverage is accompanied by a variety of loss-prevention assistance and risk-management assistance inclusive of educational courses and XL Catlin's Contract eGuide.

The property and casualty (P&C) insurer has been improving its organic profile through strategic initiatives that will boost its client base and enhance its revenues at the same time.

Zacks Rank and Share Price Movement

XL Group, Ltd carries Zacks Rank #3 (Hold). Shares of XL Group have outperformed the industry in a year's time. While XL Group's shares have gained 27.06%, the industry has registered an increase of 15.64%. Diversified product offerings that are fueling Premiums should continue to drive its shares higher.

Stocks to Consider

Stocks from the insurance industry worth considering are Atlas Financial Holdings, Inc. AFH , Markel Corporation MKL and Mercury General Corporation MCY . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

Atlas Financial Holdings engages in underwriting commercial automobile insurance policies in the United States. The company delivered positive surprises two out of the last four quarters, with an average beat of 57.94%.

Markel Corporation markets and underwrites specialty insurance products in the United States and internationally. The company delivered positive surprises two out of the last four quarters, with an average beat of 21.06%.

Mercury General Corporation engages in writing personal automobile insurance in the United States. The company delivered positive surprises in three of the last four quarters, with an average beat of 1.06%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.