XL Catlin has closed its purchase of Allied International Holdings, nearly six months after the planned acquisition was first announced in August.
The deal for the U.S.-based specialty insurer of amusement parks, fairs and festivals concluded on Feb. 1. XL Catlin plans to release its 2015 Q4 and full-year earnings results on Wednesday, Feb. 3, after the markets close.
Allied International Holdings includes Allied Specialty Insurance and T.H.E. Insurance Company, the later of which focuses on the outdoor entertainment industry. Neither side disclosed financial terms.
T.H.E. Insurance Company debuted in 1983, booked $70 million of gross written premium in 2014, and offers coverage including general liability, workers comp, inland marine, auto-liability, and some property insurance for amusement and entertainment industry-clients. A.M. Best gave the insurer an A- rating.
Earlier in 2015, XL Group acquired Catlin Group Ltd. in a $4 billion deal that gave it greater presence in the specialty insurance and reinsurance market. By acquiring Allied International, XL Catlin gains access to the robust but niche market of outdoor entertainment specialty insurance.
Source: XL Catlin