Applied Underwriters is to acquire Catlin Specialty Insurance Company, according to a statement from the former.
The deal will see Applied Underwriters purchase the firm from AXA XL and consolidate it within its North American Casualty group of companies. The transaction is set to close in the year’s second quarter after regulatory approvals have been granted.
Jamie Sahara, president of Applied Underwriters, said: “Applied has consistently executed our commitment to sustaining and growing our national platform for E&S business and to intensifying our relationships with our strategic partners with whom we have impacted the sector. This is an important development for us and for our partners in the E&S market.”
Under the deal, Catlin Specialty Insurance Company will move from its present home in Delaware to Oklahaoma. This will be so that the company would be able to use the latter state’s IBT process.
Formed in the 1950s, Catlin Specialty Insurance Company today was the subject of a series of transactions that culminated in its acquisition in 2006 by Catlin Group. In 2015, it became part of what is now AXA XL. It currently holds an ‘A+’ rating from AM Best. The North American Casualty companies are rated ‘A’ by AM Best.
The last time Reinsurance News reported that Applied Underwriters had picked up another company was nearly a year ago when it moved to acquire the Florida Casualty Insurance Company.
