Specialist underwriting agency Brooklyn will trade under its own name as new owner XL Catlin looks to leverage the award-winning group’s strengths.

“Brooklyn has a tremendous reputation in the market, and for this reason it will continue to operate under its own name,” an XL Catlin spokesman told insuranceNEWS.com.au.

As reported by insuranceNEWS.com.au in its Breaking News on Friday, the cost of the deal remains confidential. The spokesman says no other acquisitions in Australia are planned.

XL Catlin announced its acquisition of the Sydney-based agency last Friday. The deal is expected to close in the fourth quarter.

“Brooklyn has built a successful business reaching across Australia and is recognised for its innovative products, broker-friendly technology and customer service,” XL Catlin Australia Country Manager Insurance Operations Robin Johnson said.

“In recognition of its reputation, we intend to maintain the strong Brooklyn brand.”

Brooklyn was named best underwriting agency at the Australian and New Zealand Institute of Insurance and Finance awards for four consecutive years from 2012.

It offers more than a dozen specialist insurance products for SMEs, from high-risk property to complex liability. It serves more than 700 brokers.

The agency has been in business more than two decades and has 28 employees.