XL Catlin To Buy Australian Underwriting Agency Brooklyn; Terms Not Disclosed

(RTTNews) - XL Catlin, the global brand used by XL Group Ltd (XL), announced late Thursday that it has entered into a definitive agreement to acquire Brooklyn Underwriting Pty Limited and Brooklyn IT Pty Limited from Paul Hines, their beneficial owner. The acquisition will be made by an indirect wsubsidiary of XL Group.

The transaction is expected to close in the beginning of the fourth quarter of 2016.

Brooklyn is a market-leading underwriting agency in Australia and a Lloyd's approved coverholder, serving brokers across the country. Brooklyn offers over a dozen specialist insurance products for SMEs.

Robin Johnson, Country Manager of XL Catlin's Australia insurance operations, said: "Brooklyn have built a successful business reaching across Australia and are recognized for their innovative products, broker-friendly technology and customer service. In recognition of their reputation we intend to maintain the strong Brooklyn brand."