XL Catlin has agreed to acquire Brooklyn Underwriting and Brooklyn IT Pty Ltd from Paul Hines, their beneficial owner. 

The acquisition, which was the subject of speculation around the market over the past few weeks, was announced this morning.

Brooklyn offers over a dozen specialist insurance products for SMEs, from high-risk property to complex liability, encompassing tailored liability products for specific professions. It serves more than 700 brokers across Australia.

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.

“The acquisition of an award-winning business with established market relationships aligns well with our focus on underwriting, claims and service excellence”, XL Catlin’s Regional CEO Asia Pacific Craig Langham said.

“We look forward to further profitable growth in this important market, serving the sophisticated needs of clients and brokers in Australia.”

The cost of the acquisition has not been disclosed. The transaction is expected to be completed within the next month.

More details in our regular bulletin on Monday.