XL Specialty Insurance said it is the first carrier to be qualified under recently revised requirements of a Massachusetts program subsidizing insurance coverage for developers of previously polluted sites.
The XL said it won approval after changes were made in the brownfields insurance program known as Massachusetts' Brownfields Redevelopment Access to Capital (MassBRAC).
Thomas Barry, director of MassBRAC, said in the past American International Group was the sole provider of environmental insurance to the program because it gave preferential pricing on the insurance.
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