IslamicFinance.de

XL Group has extended its support for Shariah compliant managing general agency, Cobalt Underwriting, by adding fine art & specie coverage to its suite of products. The insurer already provides cover for property, construction and financial lines. The coverage, which spans precious metals, cash, fine art and rare collectibles, particularly complements XL Group’s Shariah compliant Financial Lines offering. In practice this means financial institutions and collectors can now buy cover with significant limits for a range of assets and their exposures, including gold and other valuable assets both in situ and transit. XL sees growth in the arts market in the Middle East and Asia with the opening of new galleries.

XL Group's global and professional unit formed the cyber and technology risk business unit named North America Cyber & Technology Risk business unit, to capitalize on the rising demand for cyber insurance in the U.S. and Canada. Moreover, XL Group has extended its Shariah compliant cover to Financial Lines and entered into a collaboration with Citation Jet Pilots (CJP) in August. The tie-up will provide competitive insurance policies to Citation owners and pilots who finish the safety education seminars. These expansion initiatives are expected to help it in many ways such as strengthening of operational capacity, increasing competitiveness, and increasing the scope for revenue generation.

London's Shariah-compliant start-up Cobalt Underwriting has now written its first risk, via its agreement with capacity provider XL Group, to cover the deal to acquire a high-profile property portfolio. It has underwritten a property acquired by PARC Property Holding, advised by Amiri Capital, to acquire Park Crescent West. Cobalt CEO Richard Bishop believes the agreement serves to demonstrate that insurance should have a place at the forefront of the government's plans to promote Islamic finance in London. Furthermore, he reminded Islamic business leaders that insurance capacity that meets their needs is available in London.

Insurance major XL Group and Islamic specialist Cobalt underwriters will offer sharia-compliant insurance for companies buying commercial property, paving the way for Islamic investors to tap London’s subscription-based insurance market for the first time. The new offering will allow multiple insurers to take part in Islamic insurance deals, adding scale to the fledgling sharia-compliant insurance industry in the UK. Under Islamic insurance, premiums are reflected as contributions, capital is segregated from the participants' funds and there is transparency on cost. It's necessary to abide by the scholars' principles on how things should be structured.