XL Catlin to Buy Australian Underwriting Agency Brooklyn

Specialist insurer XL Catlin has agreed to acquire Australia’s Brooklyn Underwriting from Paul Hines.

Brooklyn is an underwriting agency in Australia and a Lloyd’s approved coverholder, that has been operating in the Australian market for more than two decades, Brooklyn offers specialist insurance products for small-t0-medium businesses. Brooklyn serves more than 700 brokers across Australia. It was named Underwriting Agency of the Year in the Australian & New Zealand Institute of Insurance & Finance Industry Awards for four consecutive years between 2012 and 2015.

Terms were not disclosed. The transaction is expected to close in the beginning of the fourth quarter of 2016. The acquisition will be made by an indirect wholly-owned subsidiary of XL Group Ltd.