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.
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