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XL Catlin on Monday said it has formed a global mergers and acquisitions insurance division.
New York-based Brian Benjamin has been appointed global head. Previously, Mr. Benjamin was management liability and financial institutions officer at American International Group Inc., XL Catlin said in a statement.
Mr. Benjamin will initially focus on hiring the underwriting teams, according to the statement.
“M&A activity remains robust following last year’s record year, and more importantly the transactional insurance market continues to experience rapid growth as these products are now being used more regularly by buyers and sellers to quantify, price and allocate risk,” Dan Kumpf, chief executive of global professional for XL Catlin, said in the statement.
XL Catlin is the lead underwriter for the EgyptAir Flight 804 airliner that crashed in the Mediterranean Sea on Thursday, industry sources said, and Marsh L.L.C. is the broker.