Posted on 18 Dec 07
XL Insurance said it has completed the purchase of Global Asset Protection Services (GAPS) from Swiss Re. The financial terms of the deal, which was first announced on Nov. 16, have not been released.
XL is the global insurance operation of XL Capital Ltd. GAPS provides loss prevention consulting services, and risk management solutions to risk managers, insurance brokers and insurance company clients operating on a worldwide basis.
The GAPS operation and XL Insurance's existing loss prevention services are being merged to form XL GAPS, which will remain independent of XL's underwriting operations.
"This move represents an exciting enhancement to our current loss prevention servicing capabilities," said John Gallagher, Global Property chief underwriting officer for XL Insurance. "GAPS will offer to XL Insurance a 117-year track record of excellence in property loss prevention consulting services and their risk management expertise aligns very well with our commitment to risk quality and sound underwriting principles. XL GAPS will also be able to help our customers to meet their risk management needs with additional product and service offerings from XL Insurance."
Tim Heinze, the head of Swiss Re's GAPS, joins XL GAPS to serve as Managing Director. He will be based in XL Insurance's Hartford, Connecticut office.
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