XL Catlin, the global brand used by the insurance and reinsurance companies of XL Group Ltd XL , has recently introduced an insurance solution, customized for marine contractors in the United States. The newly introduced insurance solution will not only help the marine contractors acknowledge and protect their work from the hazardous day-to-day exposures but also boost the property and casualty (P&C) insurer's service portfolio.
Details of the Insurance Solution
Keeping in mind the volatile and risky operating environment in which the marine contractors work day in and day out, the P&C insurer has tailor made this brand new insurance solution. It will offer an all-inclusive collection of insurance coverage protection comprising hull and protection & indemnity, contractor's equipment and marine general liability including the contractor's legal liability to name a few.
Benefits of the Insurance Solution
The marine contractors face challenges in their line of work including new construction and ongoing maintenance activity utilizing vessels and equipment. With the increasing expansion of ports and waterways in order to accommodate growing traffic and shipping requirements, marine contractors are much in demand now. The latest insurance solution will make their daily operational performance much safer and simpler while catering to a wide range of high-risk exposures.
Apart from the above solution, XL Catlin provides a few coverage features and limits, which can be customized specifically to serve a marine contracting operation's particular needs, consisting of contractual legal liability including action over, automatic additional insureds and per project aggregate limits to name a few.
On the basis of knowledge and experience gained over a considerable period of time in the marine insurance business, XL Catlin has been able to offer a customized coverage for a range of international clients. The latest insurance solution will be part of the brand's marine insurance service portfolio, which in turn will enhance the P&C insurer's operational performance in the future, thus raising optimism among investors. A service portfolio on track of expansion will allow the company to improve its overall results and accelerate its growth.
Zacks Rank and Share Price Movement
Shares of this Zacks Rank #5 (Strong Sell) insurer have underperformed the industry year to date. The stock has lost 4.7% compared with the industry 's rally of 18.4%. Even though an exposure to catastrophe loss and rising costs continues to raise concerns, the top-line growth, improving premiums and a robust capital position might aid the stock to bounce back in the near term.
Stocks to Consider
Some better-ranked stocks from the same space are CNA Financial Corporation CNA , Infinity Property and Casualty Corporation IPCC and NMI Holdings, Inc. NMIH .
CNA Financial provides commercial property and casualty insurance products primarily in the United States. The company came up with positive surprises in three of the last four quarters with an average beat of 39.87%. Shares of the company have gained 26.9% year to date. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
Infinity Property and Casualty Corporation provides personal automobile insurance products in the United States. The company pulled off positive surprises in three of the last four quarters with an average beat of 300.65%. Shares of the company have rallied 23.4% year to date. The stock sports a Zacks Rank of 1.
NMI Holdings provides private mortgage guaranty insurance services in the United States. The company came up with a four-quarter average positive surprise of 11.75%. Shares of the company have surged 61.9% year to date. The stock carries a Zacks Rank #2 (Buy).
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