DUBLIN, Ireland, Aug. 11, 2015 /PRNewswire/ -- XL Group plc ("XL")
(NYSE: XL) announced today that its indirect wholly-owned
subsidiary, X.L. America, Inc. ("XL
America"), has entered into a definitive agreement to acquire
Allied International Holdings, Inc., the holding company of Allied
Specialty Insurance, Inc. and T.H.E. Insurance Company, a leading
insurer of the outdoor entertainment industry in the U.S.
"This acquisition of a leader in a niche specialty risk business
with deep, long-standing client relationships and strong customer
loyalty is perfectly aligned with the complex underwriting
expertise of XL Catlin," commented Mike
McGavick, CEO of XL. "Now as part of the XL Catlin
team, together, we look forward to new opportunities to further
grow the business and build upon Allied's exceptional customer
service and solid underwriting performance."
T.H.E. Insurance Company, which had approximately $70 million of gross written premium in 2014,
provides general liability, workers comp, inland marine,
auto-liability, and certain property insurance to clients in the
amusement and entertainment industry, including carnivals,
amusement parks, fairs and festivals, hot air balloons, fireworks,
concessionaires, family entertainment centers and waterparks.
The privately held company was founded in 1983 and has an AM Best
A- rating.
"After decades spent building our brand and deep knowledge of
our clients' needs, we're proud of our track record and incredibly
excited to be taking this step towards new growth and opportunities
with XL Catlin," said Mary Chris
Smith, Chairman and President of Allied Specialty Insurance,
Inc. "In XL Catlin we have found our partner for long-term
success and resources to help us innovate for our clients' evolving
needs in this growing entertainment space."
The transaction is expected to close no later than the first
quarter of 2016, pending receipt of anti-trust and regulatory
approvals and the satisfaction of customary
closing conditions.
About Allied
Allied is the leading provider of property and casualty
insurance coverage for the amusement and entertainment industry
through its specialty insurance company, T.H.E. Insurance Company,
its specialty insurance agency, Allied Specialty Insurance, Inc.
and its independent brokerage channel. The Company's 3,000 clients
include carnivals, concessionaires, amusement parks, waterparks,
fairs and festivals, firework events and family entertainment
centers.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlcatlin.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about XL's beliefs, plans or expectations, are
forward-looking statements. These statements are based on current
plans, estimates and expectations, all of which involve risk and
uncertainty. Statements that include the words "expect," "intend,"
"plan," "believe," "project," "anticipate," "may," "look" or
similar statements of a future or forward-looking nature identify
forward-looking statements. Factors that could cause actual results
to differ from those predicted are set forth under "Risk Factors"
or "Cautionary Note Regarding Forward-Looking Statements" in XL's
Annual Report on Form 10-K for the year ended December 31, 2014 and our other documents on file
with the SEC. XL undertakes no obligation to update publicly or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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SOURCE XL Group plc