XL Insurance, the insurance operation of XL Capital Ltd., announced yesterday it had completed the acquisition of Global Asset Protection Services LLC from Swiss Re. The purchase price was not announced
GAPS is described as a provider of unbundled loss prevention consulting services, offering risk management solutions to risk managers, insurance brokers and insurance company clients. The acquisition was first announced Nov.16.
XL said GAPS employs engineers worldwide with a strong presence in the United States, Europe, Asia and Australia. The GAPS operation and XL Insurance's existing loss prevention services are being merged to form XL GAPS. XL GAPS will remain independent of XL's underwriting operations, XL said.
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