XL completes acquisition of specialist insurer Catlin

XL Group has completed the acquisition of Bermuda-based specialist property and casualty insurer Catlin Group. The news follows an announcement on 9 January that an agreement had been reached for XL to acquire all of the capital stock of Catlin to form a combined business.

From 4 May, the combined company will be marketed as XL Catlin and a global advertising campaign and new public website will be launched in time with the market introduction of the XL Catlin name and brand on 5 May. The name of the parent company will remain XL Group plc. The closing of the transaction follows the receipt of all necessary regulatory approvals, Catlin shareholder approval and sanctioning of the scheme of arrangement by the Supreme Court of Bermuda.

Commenting on the announcement, XL chief executive Mike McGavick said: “After almost two years of discussions and several months of intense planning, we are extremely pleased to officially be one company. Starting today, we are a larger, stronger, more capable firm, with a leading presence in the global specialty insurance and reinsurance markets. Most importantly, with our combined talent and expertise we are now in an incredible position to better assist clients in solving the world’s most complex risks.”

The integration of both businesses has led to role changes for a number of senior business leaders. McGavick continues as chief executive and Catlin founder and chief executive Stephen Catlin has joined XL as executive deputy chairman, also serving on the company’s board of directors.

Greg Hendrick, previously chief executive of insurance operations at XL, is now chief executive of reinsurance; Paul Brand, formerly chief underwriting officer of Catlin, is chief underwriting officer for insurance and serves as chair of the insurance leadership team; and Kelly Lyles, previously XL head of professional lines is now chief regional officer, insurance and deputy chair of the insurance leadership team.

Catlin added: “After 30 years as chief executive of Catlin, I’m excited to be taking this next step with XL. Today is an exciting day for our new company, XL Catlin. With greater scale, capacity and an expanded platform of products and services, we look forward to creating increased value for our shareholders, clients, brokers, employees and partners.”