XL Catlin has announced plans to acquire Sydney-based Brooklyn Underwriting Pty Ltd. and Brooklyn IT Pty Ltd. from Paul Hines, their beneficial owner.

The acquisition will be made by an indirect wholly owned subsidiary of XL Group Ltd. Financial terms were not disclosed.

Brooklyn is an underwriting agency and Lloyd’s-approved coverholder, serving more than 700 brokers across Australia. Brooklyn offers over a dozen specialist insurance products for SMEs, from high-risk property to complex liability, encompassing tailored liability products for specific professions.

“Brooklyn have built a successful business reaching across Australia and are recognized for their innovative products, broker-friendly technology and customer service. In recognition of their reputation, we intend to maintain the strong Brooklyn brand,” said Robin Johnson, country manager of XL Catlin’s Australia insurance operations.

The transaction is expected to close in the beginning of the fourth quarter.

Source: XL Catlin