XL Group Comes Up With New Lifestyle Insurance Policy

XL Group plc (NYSE:XL) and Arthur J. Gallagher & Co. (NYSE:AJG) have joined forces to introduce an exclusive underwriting agreement. The latest deal will provide a lifestyle insurance policy to the existing as well as upcoming young and new art collectors and artists of New York City. Shares of XL Group gained about 0.41% in the last two trading sessions, reflecting optimism over the new insurance coverage.

XL Group is widely recognized as XL Catlin, which is the global brand name used by the property and casualty (P&C) insurer. XL Catlin insures fine art galleries, museums and a range of businesses in the art world. It also offers insurance coverage for individual art collectors. The partnership with Arthur J. Gallagher will provide the clients of XL Catlin with top notch insurance brokerage and risk management services.

The new insurance program – Five for Five – will offer five specialized insurance coverages rolled into one policy. The five insurance coverages included in the program are Fine Art, Jewelry, Wine, Cyber Theft and Identity Fraud. The policy will be available for annualized premium of $500 with a $500 deductible. While this coverage will presently be available only in New York City, gradually the same will be made available across the U.S.

XL Catlin has been consistent in its efforts to meet the changing and growing insurance needs of its clients and this endeavour is another milestone in this regard. In addition, the partnership with Arthur J. Gallagher and long-term association with the New York Academy of Art will enable XL Catlin to establish a network to connect new art collectors and artists. The policy will, therefore, provide art lovers with a tool to safeguard their growing collections.

The young and growing art collectors of New York City not only restrict themselves to the traditional art scene of the city but also engage in online purchases. These art enthusiasts also connect via international art markets and fairs. The aforementioned policy is anticipated to highly benefit from such a dynamic client base.

Zacks Rank and Stocks to Consider

Currently XL Group carries a Zacks Rank #3 (Hold). Some better-ranked P&C insurers are Cincinnati Financial Corp. (NASDAQ:CINF) and Markel Corp. (NYSE:MKL) . Both of these stocks sport a Zacks Rank #1 (Strong Buy).

GALLAGHER ARTHU (AJG): Free Stock Analysis Report

XL GROUP PLC (XL): Free Stock Analysis Report

CINCINNATI FINL (CINF): Free Stock Analysis Report

MARKEL CORP (MKL): Free Stock Analysis Report

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