XL Group Extends Shariah Compliant Capacity to Fine Art & Specie

London, UK – September 8, 2014 – XL Group today announced that it has further extended its support for specialist Shariah compliant managing general agency, Cobalt Underwriting, by adding Fine Art & Specie coverage to its suite of products which includes 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.

Graham Hawkins, Global Chief Underwriting Officer, Fine Art & Specie at XL Group, said: “What we are aiming to do here is offer a suite of Shariah compliant products that gives clients, who want to buy in this manner, the ability to protect all their assets and risks with no gaps in cover.”

Mr. Hawkins continued: “There are huge opportunities to provide Shariah compliant Fine Art & Specie products; financial institutions, investors and collectors are diversifying their portfolios, often with a preference for physical assets such as precious metals, jewellery and art. Additionally, we are seeing a growth in the arts market in the Middle East and Asia with the opening of new galleries. These galleries now have the option to buy in a Shariah compliant manner.”

Richard Bishop, Chief Executive Officer, Cobalt Underwriting said: “We are pleased to continue to work with XL Group as we further strengthen our distinctive position in the Shariah compliant insurance market. XL Group’s Fine Art & Specie team are recognised market leaders, providing a range of risk mitigation expertise and solutions; this further distinguishes the offering for clients seeking a top quality insurance solution.”