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XL Re America completes acquisition

An XL Group subsidiary has bought two US insurance companies.

XL Reinsurance America, an indirect wholly-owned arm of the Ireland-based firm, has acquired Allied International Holdings and THE Insurance.

Allied is the holding company of Allied Specialty Insurance and THE Insurance, a leading insurer of the outdoor entertainment industry in the US.

Mike McGavick, chief executive officer of XL Group, said he was pleased to welcome the Allied stable to the XL Catlin brand.

He added: “Their underwriting experience in this niche specialty risk business, along with their exceptional client service, further enhances our ability as a leading provider of specialty insurance and reinsurance to meet the ever-evolving needs of clients in the entertainment industry.”

THE Insurance had about $70 million of gross written premiums in 2014 and provides a range of coverage, including general liability, workers' compensation and some property insurance to amusement and entertainment industry clients.

Allied is a major provider of property and casualty insurance in the entertainment industry through its specialty arm THE Insurance.

XL Group CEO Mike McGavick

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Published February 02, 2016 at 8:00 am (Updated February 01, 2016 at 7:22 pm)

XL Re America completes acquisition

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