XL Catlin has agreed to acquire Australia based Brooklyn Underwriting and Brooklyn IT ("Brooklyn") from their beneficial owner Paul Hines.
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 ("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.
XL Catlin's Asia Pacific, Insurance regional chief executive Craig Langham commented: "The acquisition of an award winning business with established market relationships aligns well with our focus on underwriting, claims and service excellence.
"We look forward to further profitable growth in this important market, serving the sophisticated needs of clients and brokers in Australia."
XL Catlin Australia insurance operations country manager Robin Johnson 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."
Brooklyn director David Porteous said: “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 transaction is expected to close in the beginning of the fourth quarter of 2016.