Forging a combined new competitor in the global specialty insurance and reinsurance markets, XL Group PLC has completed its acquisition of Catlin Group Ltd., and will soon be marketing the combined venture under a new name that its CEO believes will project its strengths in a competitive landscape.
Beginning next Monday, May 4, the combined company will be marketed as XL Catlin and a global advertising campaign and new public website will be launched to coincide with market introduction of the new XL Catlin moniker and brand on May 5. (The name of the parent company will remain XL Group plc.)
Based in Hamilton, Bermuda, Catlin – which underwrites specialty P&C insurance and reinsurance in more than 30 lines – was approached by XL in December about the potential for an acquisition deal that would value Catlin at 2.53 billion pounds, or about $3.97 billion. The close of this deal bolsters XL's P&C insurance and reinsurance portfolio, and creates a combined company valued in excess of $12 billion.
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