Catalyst Aviation Insurance, a managing general agent,
positioned to expand Chubb's global aviation underwriting
capabilities with local market presence
SYDNEY, June 5, 2024 /PRNewswire/ -- Chubb today
announced a definitive agreement to acquire Catalyst Aviation
Insurance, a Melbourne-based
managing general agent that specializes in general aviation
insurance for the Australia
market.
The addition of Catalyst Aviation would expand Chubb's presence
in an important aviation market, providing local market access for
brokers and clients, and expanding the reach of the aviation
insurance products and capabilities of Chubb Global Markets, the
company's London Market wholesale and specialty business including
its Lloyd's platform.
The acquisition was designed to provide continuity for clients
and distribution partners. Brendan
Warner, currently Managing Director of Catalyst, will
continue to lead underwriting for the aviation business in
Australia. Financial terms of the
transaction were not disclosed. The transaction is expected
to be completed on or about the end of June and is subject to
regulatory and other closing conditions.
"Catalyst Aviation has built a strong reputation in the general
aviation market in Australia, and
I'm pleased to be welcoming the team to Chubb," said Peter Kelaher, Chubb Country President,
Australia and New Zealand. "This acquisition further
strengthens our position as an insurer of choice for brokers and
clients in the local market, expanding our capabilities and
expertise in the aviation sector."
"Catalyst Aviation's underwriting approach and emphasis on
sustainable results closely align with Chubb's culture and
business," said Simon Abbott, Head
of Aviation, Chubb Global Markets. "Catalyst Aviation also
complements our existing aviation operations, from Chubb Global
Markets in London to the aviation
hub we established in Singapore in
2023. Backed by Chubb's brand, distribution capabilities and
financial strength, the Catalyst team is well positioned to expand
our risk capacity and risk appetite in the Australia and New
Zealand markets."
About Chubb
Chubb is a world leader in insurance. With operations in 54
countries and territories, Chubb provides commercial and personal
property and casualty insurance, personal accident and supplemental
health insurance, reinsurance and life insurance to a diverse group
of clients. As an underwriting company, we assess, assume and
manage risk with insight and discipline. We service and pay our
claims fairly and promptly. The company is also defined by its
extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500
index. Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 40,000 people worldwide. Additional information can
be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Forward-looking statements made in this press release, such
as those related to the acquisition of the business noted above,
potential post-acquisition performance or otherwise, reflect our
current views with respect to future events and are made pursuant
to the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Such statements involve risks and
uncertainties that could cause actual results to differ materially
from such statements, including without limitation, our ability to
achieve the anticipated benefits of the proposed transaction; our
ability to integrate the acquired business, operations and
employees; general competitive, economic, political, insurance and
reinsurance business market conditions; and judicial, legislative,
regulatory and other governmental developments, as well as
management's responses to these factors, and other
factors identified in our filings with the U.S. Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the dates on which they are made. We undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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