DUBLIN, Ireland, Feb. 1, 2016 /PRNewswire/ -- XL Group plc
("XL") (NYSE: XL) announced today that its indirect wholly-owned
subsidiary, XL Reinsurance America Inc., has completed the
acquisition of Allied International Holdings, Inc. ("Allied"), 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.
XL CEO Mike McGavick said: "We're
pleased to officially welcome our Allied colleagues to XL Catlin.
Their underwriting expertise in this niche specialty risk business
along with their exceptional client service further enhances our
ability as a leading provider of specialty insurance and
reinsurance to meet the ever evolving needs of clients in the
entertainment industry."
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.
"We're proud to be an official part of XL Catlin," said
Mary Chris Smith, Chairman and
President of Allied Specialty Insurance, Inc. "Given the
success of Allied and XL Catlin's individual track records in the
specialty underwriting area, we are confident that together this is
a winning combination for Allied, XL Catlin and our clients."
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. Allied'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.
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SOURCE XL Group plc