XL Expands German expert Indemnity imparting With Heienbrok Appointment

XL group has increased its professional indemnity offering within the German market with the appointment of Jens Heienbrok as professional indemnity manager.

XL group said it made this strategic appointment because the market for expert indemnity insurance cowl in Germany is growing following a rising fashion for bringing litigation cases.

Commenting on Heienbrok’s appointment, Marcel Braun, XL organization’s head of financial strains for Germany, Austria, and eastern Europe said: “In latest years, greater corporations are inclined to pursue claims in court docket, and courts are awarding better damages. vast expert indemnity coverage is becoming greater essential in Germany, specially for the criminal profession, media and era groups and different professional bodies to call some.”

Braun continued:  “Many expert our bodies have already made the buying of expert indemnity insurance compulsory because often their contributors are in advisory positions and are consequently exposed to excessive legal responsibility chance. but, the importance and relevance of expert indemnity coverage is going beyond licensing prerequisites. It gives an critical safeguard in opposition to numerous liability issues which get up in ordinary enterprise.”

XL group stated that those observations are supported by means of market data: In 2013 gross charges in the German professional indemnity market reached EUR 1.five billion. The market studies firm Finaccord predicts that via 2017, they'll attain EUR 1.7 billion, an increase of extra than three percentage.

Michael Harth, XL organization’s united states manager for Germany, provides: “nowadays’s expert indemnity providing now not satisfies the desires of the German market. customers are demanding new solutions and XL institution is known for imparting exactly that. Our new strategy will enable us to increase our imparting to meet those patron needs.”

Heienbrok joins XL from Allianz in Germany, in which he served most these days as branch coordinator for professional indemnity. prior to that he worked as a lawyer.