XL Group will offer Shariah compliant insurance cover to large corporate and middle market clients, targeting market on a global basis, excluding the US and Canada.
Offered through underwriting agency Cobalt Underwriting, the new insurance cover will initially focus on Property cover, with a maximum capacity of up to $300m.
The underwriting agency has been created to provide Shariah compliant commercial insurance and reinsurance products, while a team of underwriters have been assigned to focus on the specific covers.
XL Group International P&C insurance chief executive Jason Harris said, "While we expect a significant portion of the business to come in through the London market, our network, which allows us to serve clients in more than 140 countries, represents a strong asset in serving this important market segment."
The global Islamic financial services industry is valued at $1.357 trillion, while estimated total global Islamic financial assets stood at USD 1.631 trillion in 2011, according to the company.
