XL Group plc has completed the acquisition of Catlin Group Limited following the parties' previously announced agreement providing for XL to acquire all of the capital stock of Catlin to form a combined business.
Commenting on the transaction, the XL chief executive officer, Mike McGavick, said, “After nearly two years of discussions, and several months of intense planning, we are extremely pleased to officially be one company. Starting today, we are a larger, stronger, more capable firm, with a leading presence in the global specialty insurance and reinsurance markets. Most importantly, with our combined talent and expertise we are now in an incredible position to better assist clients in solving the world's most complex risks.”
The combined company will be marketed as XL Catlin and a global advertising campaign and new public web site will be launched in time with the market introduction of the new XL Catlin name and brand on May 5, 2015.
Mr. McGavick will continue as CEO, and Stephen Catlin, founder and CEO of Catlin Group Limited, has joined XL as executive deputy chairman, also serving on the company's board of directors.
Mr. Catlin added, “After 30 years as CEO of Catlin, I'm excited to be taking this next step with XL. Without doubt, today is an exciting day for our new company, XL Catlin. With greater scale, capacity, and an expanded platform of products and services, we look forward to creating increased value for our shareholders, clients, brokers, employees, and partners.”
Learn more: www.xlgroup.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].