XL Catlin, which is reportedly being eyed by insurance rivals, has left the British commercial fleet market.
Without elaborating, the Bermuda-based firm has confirmed the departure – a move it described as a “strategic decision to withdraw,” according to The Insurance Insider. Aside from the UK, the casualty team’s exit will also involve commercial fleet motor insurance in Ireland.
“In line with this decision the renewal book will be placed into run-off by the end of Q1 2018,” XL Catlin told the publication. “This decision does not affect any other motor business written in XL Catlin.”
Chief executive Mike McGavick previously said they “feel well positioned for what comes next.”
XL Catlin, which came to life when XL Group acquired Catlin in 2015, reported 2017 gross written premiums of US$10 million for insurance and US$4.6 million for reinsurance.
