Utilized Underwriters stated it can purchase Catlin Specialty Insurance coverage Firm from the AXA XL group of corporations.
Utilized stated it can consolidate Catlin into the North American Casualty group of corporations in a transfer meant to bolster Utilized’s working capabilities in assist of its strategic companions because the E&S market hardens.
Phrases of the deal weren’t disclosed. The transaction is scheduled to shut throughout the second quarter as anticipated regulatory approvals are obtained.
Jamie Sahara, president of Utilized Underwriters, characterised the acquisition as a significant benefit to Utilized, its rising E&S market management and its rising collaboration with channel companions within the sector: “Utilized has constantly executed our dedication to sustaining and rising our nationwide platform for E&S enterprise and to intensifying {our relationships} with our strategic companions with whom we now have impacted the sector. This is a vital growth for us and for our companions within the E&S market.”
The construction for the transaction drew upon a enterprise switch course of utilized in Oklahoma based mostly upon the profitable Half VII switch process used within the UK and the EU, stated Steve Menzies, chairman of Utilized Underwriters.
“We discovered nice potential within the Oklahoma Insurance coverage Enterprise Switch (IBT) Act’s regulatory course of and its regulators’ utility of it,” he stated. “Uniquely, the IBT course of permits insurers the flexibility to impact absolutely the switch of blocks of insurance coverage enterprise from one insurer to a different, offering each the transferring and assuming corporations an environment friendly, clear and simple course of, whereas additionally realizing a authorized finality. Our deal was complicated, and the Oklahoma regulatory format actually helped facilitate this.”
Catlin Specialty Insurance coverage Firm is licensed as an E&S service in all states besides Oklahoma the place it is going to be domiciled and the place it holds many surplus traces authorizations, Menzies stated.
“Utilized and AXA XL labored with Delaware and Oklahoma regulators to redomesticate Catlin from Delaware to Oklahoma, in order that Oklahoma’s IBT course of could possibly be used,” Menzies added. “We thank the regulators concerned in these states in performing to learn the sector and, in the end, the shoppers we serve.”
Shaped within the Fifties, Catlin Specialty Insurance coverage Firm was the topic of a sequence of transactions that culminated in its acquisition in 2006 by Catlin Group Restricted. In 2015, the Firm turned half of what’s now AXA XL.
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