XL Group announced that its indirect wholly-owned subsidiary, XL Reinsurance America, has completed the acquisition of Allied International Holdings, Inc. ("Allied"), the holding company of Allied Specialty Insurance, Inc. and T.H.E. Insurance Company, a leading insurer of the outdoor entertainment industry in the U.S.
XL CEO Mike McGavick said: "We’re pleased to officially welcome our Allied colleagues to XL Catlin. Their underwriting expertise in this niche specialty risk business along with their exceptional client service further enhances our ability as a leading provider of specialty insurance and reinsurance to meet the ever evolving needs of clients in the entertainment industry."
T.H.E. Insurance Company, which had approximately $70 million of gross written premium in 2014, provides general liability, workers comp, inland marine, auto-liability, and certain property insurance to clients in the amusement and entertainment industry, including carnivals, amusement parks, fairs and festivals, hot air balloons, fireworks, concessionaires, family entertainment centers and waterparks.
The privately held company was founded in 1983 and has an AM Best A- rating.
"We’re proud to be an official part of XL Catlin," said Mary Chris Smith, Chairman and President of Allied Specialty Insurance, Inc. "Given the success of Allied and XL Catlin’s individual track records in the specialty underwriting area, we are confident that together this is a winning combination for Allied, XL Catlin and our clients."
Allied is the leading provider of property and casualty insurance coverage for the amusement and entertainment industry through its specialty insurance company, T.H.E. Insurance Company, its specialty insurance agency, Allied Specialty Insurance, Inc. and its independent brokerage channel.
Allied’s 3,000 clients include carnivals, concessionaires, amusement parks, waterparks, fairs and festivals, firework events and family entertainment centers.