XL Catlin has agreed to acquire Australian firms Brooklyn Underwriting and Brooklyn IT (Brooklyn) from their owner Paul Hines. The acquisition will be made by an indirect wholly-owned subsidiary of Bermuda-based XL Group.
Based in Sydney, Brooklyn is a Lloyd’s approved cover-holder and offers specialist insurance products for SMEs, from high-risk property to liability.
“The acquisition of an award winning business with established market relationships aligns well with our focus on underwriting, claims and service excellence,” said Craig Langham, regional chief executive for Asia Pacific at XL Catlin.
“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 for Australia at XL Catlin, added: “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.”
David Porteous, director of Brooklyn, added: “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.”
The deal is expected to close in the fourth quarter of 2016.
XL Catlin, Asia-Pacific, XL Group, Bermuda, Brooklyn Underwriting, Brooklyn, Australia, Insurance, Reinsurance, Casualty, Property, Technology, IT, M&A