XL Insurance, the global insurance operation of XL, has completed the purchase of Global Asset Protection Services from Swiss Re.

GAPS is a provider of unbundled loss prevention consulting services, offering individually tailored risk management solutions to risk managers, insurance brokers and insurance company clients operating on a global basis.

The acquisition was first announced on November 16.

GAPS employs engineers worldwide with a strong presence in the US, 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.

John Gallagher, Global Property chief underwriting officer for XL Insurance, said: "This move represents an exciting 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 and their risk management expertise aligns very well with our commitment to risk quality and sound underwriting principles.

"XL GAPS will also be able to help our customers to meet their risk management needs with additional product and service offerings from XL Insurance."

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 US in XL Insurance's Hartford, Connecticut office.