XL Insurance Selected to Provide Brownfields Insurance for Massachusetts Redevelopment Program
October 03 2006 - 11:00AM
PR Newswire (US)
BOSTON, Oct. 3 /PRNewswire-FirstCall/ -- XL Specialty Insurance
Company today announced that it is the first insurance carrier
qualified by the Commonwealth of Massachusetts' Brownfields
Redevelopment Access to Capital program (MassBRAC) to participate
in its recently revised brownfields insurance program. XL Specialty
Insurance Company is part of XL Capital Ltd's insurance operations
branded as "XL Insurance." The announcement comes as XL prepares to
host the XL Congress in Boston, the first global risk event of its
kind that XL has held in the U.S., as part of its 20th anniversary
celebrations. According to Richard Corbett, Chief Environmental
Underwriter for XL Insurance's Global Environmental unit: "The
MassBRAC program uses pioneering strategies, such as subsidies for
brownfields insurance, to encourage the cleanup and redevelopment
of properties. We are pleased that MassBRAC recognizes XL
Insurance's capabilities and experience as a qualified insurance
provider for this innovative program and are proud to participate
in the program." "MassBRAC participants will benefit from the
knowledge, claims handling experience and service commitment that
XL Insurance has acquired over the last two decades while insuring
brownfields redevelopment projects nationwide," Mr. Corbett added.
"MassBRAC's foresight to pre-qualify insurance carriers to assure
quality insurance coverage is also beneficial for those businesses
who take advantage of this program." Through its brownfields
insurance program, MassBRAC subsidizes a developer's purchase of
environmental insurance by 50 percent of the purchase price or up
to $50,000 for private projects, and up to $150,000 for public,
municipal and government projects. As a qualified provider in the
program, XL Insurance will provide coverage for loss, remediation
expense and legal defense that may result from sudden and gradual
pollution conditions at or from covered locations. "XL Insurance"
is the global brand used by member insurers of the XL Capital Ltd
group of Companies. XL Capital Ltd, through its operating
subsidiaries, is a leading provider of insurance, reinsurance
coverages and financial products and services to industrial,
commercial and professional service firms, insurance companies, and
other enterprises on a worldwide basis. As of June 30, 2006, XL
Capital Ltd had consolidated assets of approximately $58.5 billion
and consolidated shareholders' equity of $8.5 billion. More
information about XL Capital Ltd is available at
http://www.xlcapital.com/. DATASOURCE: XL Capital Ltd CONTACT:
Christine Weirsky, Media Relations, U.S., XL Capital Ltd,
+1-610-321-9594 Web site: http://www.xlcapital.com/
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