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.
John Gallagher, Global Property chief underwriting officer for XL Insurance, said the purchase is an "enhancement to our current loss prevention servicing capabilities. GAPS brings to XL Insurance a 117-year track record of excellence in property loss prevention consulting services."
He added that GAPS' risk management expertise aligns well with "our commitment to risk quality and sound underwriting principles."
Tim Heinze, the head of Swiss Re's GAPS, joins XL GAPS to serve as managing director, reporting to Mr. Gallagher. He will be based in the United State in XL Insurance's Hartford, Conn., office.
XL Insurance is the global brand used by member insurers of the Bermuda-based XL Capital Ltd group of companies.
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