Industry Mergers and Acquisition

XL Catlin has revealed that it has entered into a definitive agreement to acquire Brooklyn Underwriting Pty Ltd and Brooklyn IT Pty Ltd.

“The acquisition of an award winning business with established market relationships aligns well with our focus on underwriting, claims and service excellence”, commented Craig Langham, XL Catlin’s Regional Chief Executive Asia Pacific, Insurance. “We look forward to further profitable growth in this important market, serving the sophisticated needs of clients and brokers in Australia.”

Brooklyn serves over 700 brokers and offers over a dozen specialist insurance products for SMEs.

XL Catlin’s Australia country manager Robin Johnson said the company intends to maintain the strong Brooklyn brand as it is recognised for its innovative products, broker-friendly technology and customer service.

“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.”

“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,” commented David Porteous, Director of Brooklyn.

The transaction is expected to close in the beginning of the fourth quarter of 2016.