XL buys Winterthur International

Bermuda-based XL Capital Ltd. has acquired global corporate risk specialist underwriter Winterthur International from the Credit Suisse Group for an undisclosed amount. Credit Suisse retains its holding in commercial insurer Winterthur Insurance which operates through The Citadel Assurance in Canada. A statement released by Credit Suisse and XL states that no jobs will be lost as a result of the deal.

Frank Amodeo, who heads up Winterthur International’s operation in Canada, says the merging of interests with XL will be “highly complementary” enabling the new company to grow its product list in North America. “XL were interested in us because of our expertise and portfolio in the global corporate risk environment…we also don’t have any long-tail casualty risks which is often a problem with these kind of deals.” The combined company – which will become incorporated (Winterthur International previously operated as a division of the group and worked through The Citadel in Canada) – will trade under the name of XL Winterthur International for a transitional period. Amodeo will likely take over the function of chief agent of the Canadian company which wrote about $30 million in gross annual premiums last year. A statement released by The Citadel says that the deal will in no way affect the insurer’s business.