XL Group to acquire Allied International
XL Group has unveiled plans to acquire US specialty entertainment insurer Allied International.
Through its subsidiary XL America, XL Group will acquire Allied Specialty Insurance and THE Insurance Company, an insurer of the outdoor entertainment industry in the US.
The transaction is expected to close before the first quarter of 2016, following anti-trust and regulatory approval.
Mike McGavick, chief executive officer of XL Group, said: “This acquisition of a leader in a niche specialty risk business with deep, long-standing client relationships and strong customer loyalty is perfectly aligned with the complex underwriting expertise of XL Catlin.
“Now as part of the XL Catlin team, together, we look forward to new opportunities to further grow the business and build upon Allied’s exceptional customer service and solid underwriting performance.”
Chris Smith, chairman and president of Allied Specialty Insurance, said: “After decades spent building our brand and deep knowledge of our clients’ needs, we’re proud of our track record and incredibly excited to be taking this step towards new growth and opportunities with XL Catlin.
“In XL Catlin we have found our partner for long-term success and resources to help us innovate for our clients’ evolving needs in this growing entertainment space.”