XL Insurance Company Limited, a London-based subsidiary of Bermuda’s XL Capital Ltd., demonstrated a new version of its a searchable database of financial losses experienced by global industries at the annual AIRMIC conference.
Called “LossLink,” XL noted that it “contains more than 2,000 entries profiling significant losses among various industries in more than 20 countries.”
The bulletin went on to describe LossLink as “a compilation of publicly available loss information, which assists XL’s insurance operations, underwriters, their clients and brokers to develop an understanding of the diversity and severity of risks that may impact their industry.”
Speaking from AIRMIC in Brighton, Chief Executive, UK & Ireland for XL Insurance, Dermot O’Donohoe, commented: “LossLink provides valuable data to help risk managers and their brokers learn from industry lessons of the past and assess whether their liability limits are sufficient to address potential risks.”
LossLink was formerly known as XL’s Industry Loss Report. XL Insurance [Bermuda] Ltd. developed it as a tool for its general liability underwriters. “As XL’s insurance operations grew, the scope of the tool was expanded for use by its Directors & Officers, Errors & Omissions and Employment Practices Liability underwriters,” said the announcement. “The database’s content has grown significantly throughout the years and is now used as a research tool for XL underwriters throughout XL’s Insurance operations.”
Some examples from LossLink’s database include:
— A 1999 employee race and gender discrimination suit against a university that resulted in a $12.5 million jury verdict.
— A $58 million securities fraud settlement by an international bank in 2002.
— An $18.2 million General Liability settlement for unfair competition incurred by a telecommunications firm in 2004.
— A $44 million Error & Omission loss.
The database can be searched in a variety of ways, including by type of liability, country, industry, date or size of loss. For more information on how to access LossLink online, go to: www.xlinsurance.com.
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