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Schinnerer to acquire property managing general agent ICAT

Schinnerer to acquire property managing general agent ICAT

Underwriting manager Schinnerer Group on Thursday said it has agreed to acquire International Catastrophe Insurance Managers L.L.C. from Bermuda-based insurer and reinsurer Paraline Group Ltd.

Terms of the deal were not disclosed. The acquisition is expected to close in the third quarter of this year, Chevy Chase, Maryland-based Schinnerer said in a statement.

Schinnerer, which is owned by Marsh & McLennan Cos. Inc., said Broomfield, Colorado-based ICAT complements Schinnerer’s existing services for middle-market, small commercial and residential clients. 

ICAT operates in all U.S. states adjacent to the Gulf Coast, Atlantic Coast and Hawaii, and offers coverage in all states that carry a material exposure to earthquake events, Schinnerer said in the statement.

ICAT will retain its relationship with Lloyd’s of London syndicate 4242, owned by Paraline; its associated Special Purpose Arrangement 6123, a sidecar facility that allows 4242 to provide increased per-risk limit to ICAT; and a number of other leading insurance carriers.

A Schinnerer spokeswoman said ICAT has more than 200 employees and manages about $300 million in premium volume. There will be no layoffs of staff reductions from the acquisition. 

“The insurance market for catastrophe-email xposed small commercial property is underserved with opportunity for expansion,” Christopher Schaper, the Schinnerer Group’s CEO, said in the statement. “ICAT delivers integrated and seamless value to clients through a highly automated and efficient underwriting platform with proven capabilities.”