XL Group Ltd’s (XL - Free Report) global brand XL Catlin recently introduced a new online platform, VB-Bind Speed, in its substantial efforts to keep pace with the growing insurance needs of the personal & business (P&B) aviation industry. The company has joined Aero Quote’s network to quote and deliver a new upgraded P&B insurance policy.
VB Bind Speed offers aviation brokers easy access to P&B aircraft insurance quotes, and binds coverage for immediate delivery of policies. This online platform is inclusive of auto-generation of quotes, invoices and full policy documents. This suite of aviation insurance is available through Aero Quote or directly via XL Catlin’s broker portal. The company will provide coverage of $75 million for Airline hull. The insurer will reimburse losses up to a maximum limit of $750 million.
This insurance policy covers additional expenses incurred in renting substitute aircraft, liability arising out of damages caused to non-owned aircraft, sale of aircraft and aircraft products and services, property vandalization as well as trip interruption expense. It also covers property damages caused by serving of liquor, search and rescue expenses as well as emergency or unexpected landing expenses.
XL Catlin offers a wide range of multi-line insurance within aviation for different clients. The insurer employs a host of underwriters and aviation claims’ specialists across New York, Boston, Chicago, San Francisco, Toronto and Calgary. The varied range of aviation insurance policies in its basket caters to traditional and specialized companies, including some significant and regional airlines, corporate fleets, component manufacturers and fixed-base airport operators.
XL Catlin has always been proactive in designing and innovating new insurance policies to meet the ever-increasing demands of the insurance market. Recently, XL Catlin introduced a new Safety Optimization and Aviation Resource Program or SOAR, for its select general aviation insurance clients.
The company has always remained committed to address customers’ demand with unique solutions to the most complex risks. This, in turn, helps it to diversify portfolio and add to the top line. This recent initiative by the company will lend a momentum to its underwriting capabilities to cater to the demands of the aviation industry.
Zacks Rank and Share Price Movement
XL Group carries a Zacks Rank #3 (Hold). Shares of the company have underperformed the industry in a year’s time. While XL Group’s shares have gained 6.4%, the industry has registered an increase of 15.4%. Diversified product offerings and a strong capital position should drive its shares higher.
Stocks to Consider
Some better-ranked stocks from the insurance industry are Atlas Financial Holdings, Inc. (AFH - Free Report) , Markel Corporation (MKL - Free Report) and Mercury General Corporation (MCY - Free Report) . 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%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>