Chubb expands aviation capabilities with Catalyst acquisition
Chubb expands aviation capabilities with Catalyst acquisition | Insurance Business Australia
Insurance News
Chubb expands aviation capabilities with Catalyst acquisition
Deal to benefit local and global businesses
Insurance News
By
Roxanne Libatique
Chubb has agreed to acquire Catalyst Aviation Insurance (Catalyst Aviation or Catalyst), a Melbourne-based managing general agent (MGA) that specialises in general aviation insurance.
The deal is part of Chubb’s expansion plans within the aviation insurance market. It will enable brokers and clients to access the Australian aviation market while expanding the reach of Chubb Global Markets’ aviation insurance solutions.
Chubb Global Markets is the company’s London Market wholesale and specialty business, including its Lloyd’s platform.
Chubb said the transaction, which aims to ensure continuity for clients and distribution partners, would be finalised on or around the end of June 2024 as it is still subject to regulatory and other closing conditions.
The company did not disclose the financial terms of the deal.
Chubb’s acquisition of Catalyst Aviation
Peter Kelaher, Chubb country president for Australia and New Zealand, said the deal further strengthens the company’s position in the local market while expanding its expertise and capabilities in the aviation industry.
“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,” he said. “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.”
Simon Abbott, head of aviation at Chubb Global Markets, added: “Catalyst Aviation’s underwriting approach and emphasis on sustainable results closely align with Chubb’s culture and business. 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.”
Chubb, which released its financial report in January 2024, reported record financial gains for the fourth quarter and full year ended December 31, 2023. Its global property & casualty net premiums written rose 10.5%, while its life insurance net premiums written grew 20.3%. For the year, both metrics reported respective increases of 10% and 51.5%.
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