OMAHA, Neb., February 23, 2022 /PRNewswire/ — Applied Underwriters announced the acquisition of Catlin Specialty Insurance Company (rated “A+”) from the AXA XL group of companies, consolidating the company into the North American Casualty group of companies (rated “A”) in a move designed to strengthen Applied’s operational capabilities in support of its strategic partners as the E&S market hardens. The transaction is expected to close during the second quarter when expected regulatory approvals are received.
Sir. Jamie SaharaPresident of Applied Underwriters, called the acquisition a major benefit for Applied, its emerging leadership in the E&S market and its growing collaboration with channel partners in the industry: “Applied has consistently executed on our commitment to maintain and grow our national platform for E&S business and to intensify our relationships with our strategic partners with whom we have had an impact on the sector. This is an important development for us and for our partners in the E&S market.”
Sir. Steve Menziespresident of Applied Underwriters, noted that the structure of the transaction was based on a business transfer process used in Oklahoma which is based on the successful Part VII transfer process used in the UK and EU: “We found great potential in the Oklahoma Insurance Business Transfer (IBT) Act regulatory process and application uniquely, the IBT process allows insurers the ability to effect the absolute transfer of blocks of insurance business from one insurer to another, providing both ceding companies and resuming an efficient, transparent and simple process, while also achieving a legal purpose. Oklahoma regulatory format really helped facilitate that.”
According to Mr. Menzies, the transaction required relocation of the company: “The Catlin Specialty Insurance Company is licensed as an E&S carrier in all states except Oklahoma where it will be domiciled and where it holds a large number of excess line authorisations. To complete the acquisition, Applied and AXA XL worked with Delaware and Oklahoma regulators to re-domesticate Catlin from Delaware for Oklahomaso that Oklahoma The IBT process could be used. We thank the regulators involved in these states for acting to benefit the industry and ultimately the customers we serve.”
Founded in the 1950s, what is now Catlin Specialty Insurance Company went through a series of transactions that culminated in its acquisition in 2006 by Catlin Group Limited. In 2015, the Company joined what is now AXA XL.
Catlin Specialty Insurance Company currently holds an “A+” rating from AM Best. North American Casualty companies are rated “A” by AM Best.
For more information, contact: Ryan GerdingPublic Relations at +1 (913) 602-8531 or [email protected].
About Applied Underwriters (www.auw.com)
Applied Underwriters® is a global risk management services company that helps businesses and individuals manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has distinguished itself through its innovative approaches to customer service and its strong financial solidity. Applied Underwriters operates widely in the US, UK, EU and Middle East. Its operational headquarters are located at Omaha, Nebraska.
About AXA XL (www.axaxl.com)
AXA XL, AXA’s Property and Casualty and Specialty Risks division, provides insurance and risk management products and services to mid-sized companies and large multinationals, as well as reinsurance solutions to insurance companies worldwide . AXA XL partners with those who move the world forward.
SOURCE applied subscribers