Five underwriters and book of business switch to insurer
XL Insurance has acquired an underwriting and claims team from London-based Unicorn Underwriting, a subsidiary of THB Group.
The team of five is headed by Guy Morrison who will become chief underwriting officer of Equine and will head XL Insurance's global equine operations with underwriting centres in London, UK and Kentucky, USA.
XL Insurance has also agreed to service the book of bloodstock business formerly underwritten by Unicorn.
Neil Robertson, chief underwriting officer for Global Specialty at XL Insurance said: "The appointment of Guy Morrison and his team further strengthens our capabilities and commitment to bloodstock insurance. The team has a wealth of global equine underwriting and claims handling expertise, particularly in the London market.
"We are especially pleased to have worked closely with Unicorn in ensuring a continued quality service for its existing brokers and customers."
James Truscott, managing director of Unicorn, added: "It is extremely satisfying when a deal comes together in which all parties win. XL Insurance recognised the value of our market-leading bloodstock team which originally formed the nucleus of Unicorn. Unicorn's strategy has subsequently evolved and we recognised that the skills and ambitions of the bloodstock team would be better served within XL Insurance's infrastructure. I would like to thank the bloodstock team for their excellent work within Unicorn and wish them and XL Insurance all the best in their future ventures."