Applied Underwriters has signed a deal to acquire Catlin Specialty Insurance Company from AXA XL for an undisclosed sum.
Catlin Specialty Insurance Company is authorised to operate as an E&S carrier in all the states of the US except Oklahoma, where it will be headquartered.
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Applied Underwriters plans to consolidate the acquired firm into its North American Casualty group of companies to strengthen its operating capabilities in the E&S market.
Applied Underwriters president Jamie Sahara stated that the deal bolsters Applied’s leadership in the E&S market and its collaboration with channel partners in the space.
Sahara added: “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.”
Applied Underwriters chairman Steve Menzies stated that the deal required moving Catlin from Delaware to Oklahoma. Applied and AXA XL worked with authorities to relocate Catlin so that Oklahoma’s insurance business transfer (IBT) process could be used.
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By GlobalDataFormed in the 1950s, Catlin, which has been subject to several transactions, became part of AXA XL in 2015.
The deal, which is subject to regulatory approval, is expected to close during the second quarter. In July 2021, Applied bought Generali Group’s US speciality lines division along with Generali Warranty Services.
