IslamicFinance.de

XL Group P.L.C. and London-based managing general agency Cobalt Underwriting Services Ltd. have launched a Sharia-compliant equine coverage. The policy, which is sold through Lloyd's of London, covers named perils, mortality, theft, infertility and permanent disability. No further information on the policy limits or premiums was given.

Lloyd's is close to accepting its first Shariah-compliant risk after giving XL's Syndicate 1209 approval to write equine cover through Islamic insurance managing general agent Cobalt. XL is a leader in the equine market and it is understood the syndicate approached Cobalt to adapt the product into something suitable for Islamic buyers. The majority of the equine risks in question are thought to originate from Kentucky - a world leader in breeding show horses.