XL acquiring specialty outdoor entertainment insurer
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XL Group P.L.C.’s X.L. America Inc. subsidiary has entered into a definitive agreement to acquire Allied International Holdings Inc., XL announced Tuesday.
Terms of the transaction were not released, according to an XL spokeswoman.
St. Petersburg, Florida-based Allied International Holdings is the holding company of Allied Specialty Insurance Inc. and T.H.E. Insurance Co., which provides insurance for the outdoor entertainment, attraction and recreation industry.
T.H.E had approximately $70 million in gross written premium last year, XL said in a statement.
“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,” said XL CEO Mike McGavick in the statement.
The transaction is expected to close no later than the first quarter of 2016, pending receipt of antitrust and regulatory approvals and the satisfaction of customary closing conditions, XL said in the statement.
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