XL Group increases amount of alternative capital to $3 billion
Posted On: Feb. 7, 2018 5:10 AM CSTBermuda-based insurer and reinsurer XL Group Ltd. has increased the amount of alternative capital it uses to $3 billion in order to reduce its catastrophe exposure, Artemis.bm reports. XL added $500 million of coverage to its major catastrophe program in the fourth quarter of 2017 and at the January renewals, a significant chunk of which was from alternative capital. Mike McGavick, chief executive of XL Group, said that the alternative capital market will see more XL risk over the course of this year.