(Bloomberg) -- Stephen Catlin, who is selling his Lloyd’s of London insurer to XL Group Plc for $4.2 billion, expects the pace of mergers among smaller insurers to gather pace.

“Anyone who has got a market value of less than $5 billion wherever they are in the world are going to be scratching their heads as what to do next,” Catlin, founder and chief executive officer of Catlin Group Ltd., said in an interview on Tuesday. “My peer group have all said well done. The deal was a good idea, not one has said what the hell are you doing.”

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