SYDNEY, Sept. 15, 2016 /PRNewswire/ -- XL Catlin
today announced that it has entered into a definitive agreement to
acquire Brooklyn Underwriting Pty Limited and Brooklyn IT Pty
Limited ("Brooklyn") from
Paul Hines, their beneficial
owner. Brooklyn is a
market-leading underwriting agency in Australia and a Lloyd's approved coverholder,
serving brokers across the country. The acquisition will be made by
an indirect wholly-owned subsidiary of XL Group Ltd ("XL") (NYSE:
XL).
Operating in the Australian market for more than two decades,
Brooklyn offers over a dozen
specialist insurance products for SMEs, from high risk property to
complex liability, encompassing tailored liability products for
specific professions. Brooklyn
serves over 700 brokers across Australia and it was named Underwriting Agency
of the Year in the Australian & New Zealand Institute of
Insurance & Finance Industry Awards for four consecutive years
between 2012 and 2015.
"The acquisition of an award winning business with established
market relationships aligns well with our focus on underwriting,
claims and service excellence", commented Craig Langham, XL Catlin's Regional Chief
Executive Asia Pacific, Insurance. "We look forward to further
profitable growth in this important market, serving the
sophisticated needs of clients and brokers in Australia."
Robin Johnson, Country Manager of
XL Catlin's Australia insurance
operations, said: "Brooklyn have
built a successful business reaching across Australia and are recognized for their
innovative products, broker-friendly technology and customer
service. In recognition of their reputation we intend to maintain
the strong Brooklyn brand."
"With a strong position in the Australian specialty market and
an established brand, we look forward to draw from XL Catlin's vast
capabilities, global expertise, financial strength and strong
reputation for claims service," commented David Porteous, Director of Brooklyn.
The transaction is expected to close in the beginning of the
fourth quarter of 2016.
About Brooklyn
Located in Sydney Australia,
Brooklyn Underwriting Pty Ltd and Brooklyn IT Pty Limited
(Brooklyn) is a specialist
underwriting agency that has been operating for over two decades.
Brooklyn's insurance products are
customised market specific solutions that are supported by a
specialist underwriting team with recognised experience in SME
Property, Casualty, Financial Lines, and Specialty. To learn more,
visit www.brooklynunderwriting.com.au.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd (NYSE:XL)
insurance and reinsurance companies which provide property,
casualty, professional and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin for
answers to their most complex risks and to help move their world
forward. To learn more, visit xlcatlin.com.
About XL Group Ltd
XL Group Ltd (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin for
answers to their most complex risks and to help move their world
forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin