Statement of XL CEO McGavick on Closing of Merger with Catlin

XL Group plc CEO Mike McGavick has issued the following statement upon the closing of the acquisition of the Catlin Group by XL.

Dear Valued Partner:

On behalf of Stephen Catlin and myself, I’m proud to let you know that as of today, we have closed our transaction.

After months of intense work to bring us to this point, that is an incredible thing to be able to say. And as momentous as this day is for all XL Catlin colleagues, we hope it brings you much excitement. For, today marks the start of our even stronger partnership with you.

Founded by visionaries some 30 years ago, both XL and Catlin share similar cultures and values built on teamwork, transparency and trust, as well as business traits that equally balance innovation with disciplined underwriting. The success of both companies can be largely attributed to this as well as the highly-skilled talent within, and our wonderful client and broker partners.

And now, we are combined with: the deep underwriting expertise you have come to expect, a broader and more capable global network, a bigger balance sheet from which to work, the largest Lloyd’s syndicate, and a leading global position as a Specialty and Property Cat carrier and a top 8 global reinsurer.

As you have heard from us throughout the integration planning process, we’ve been hard at work making sure our teams are ready to hit the ground running today. This includes having already announced several layers of leadership across our businesses and functions. And, as of Monday, May 4th, we will combine many of our offices across the globe. Of course, as prepared as we are for today, we will still be working through the integration process for some time and we expect that you will have questions about how the transition will impact your existing contacts and business with both companies.

To that end, the vast majority of your contacts at XL Catlin remain as they were at either company before the transaction closed. This includes being able to utilize the same contact information for our underwriters, including phone numbers and legacy emails that will now be forwarded to our new @xlcatlin email addresses. We will keep you informed as the integration continues and as any updates to the existing contact information you have for us are made.

As to your business with us, as XL and Catlin have combined, as have our scale and capabilities and we’ll be working hard to apply our best-in-class ambition to serve you even better and do even more together.

One last note, starting Monday, we’ll launch the XL Catlin brand to the market. On the 4th you’ll see the new xlcatlin.com go live and our new social media feeds transition. And then, on the 5th, our new global marketing campaign will launch in business and industry publications, across our online platforms, and in some public transit areas (keep an eye out at Liverpool Street station, Zürich Kloten Airport, Paris Charles DeGaulle and other spots!). It’s a campaign that affirms our priority on innovating together and makes clear we intend to continue to Make Your World Go. We’re excited for you to see it.

We hope that you are as optimistic about the future of XL Catlin as we are and look forward to accomplishing great things together as we build on our collective trusted relationships with you.

Source: XL plc

Topics Mergers & Acquisitions AXA XL