Catlin To Underwrite Product Recall, Kidnap & Ransom Coverages
23 June 2006
LONDON - Catlin Group Limited ('CGL': London Stock Exchange), the international property and casualty insurer and reinsurer, announces the formation of a crisis management underwriting team that will write product recall and kidnap and ransom (K&R) coverages, effective 1 July 2006.
The coverage will be underwritten by an experienced team of specialist crisis management underwriters who have recently joined Catlin. The product recall coverage to be written by the team will cover companies in the food, drink and consumer goods industries. The product will cover accidental contamination of products, malicious tampering incidents and product recalls.
Catlin is in the process of appointing Security Exchange Limited to provide services to policyholders, including pre-risk contingency planning and crisis response. Catlin is also in the process of appointing RQA Inc to provide specialist support for product recalls risks in the United States and Canada and Global Quality Consultants to provide this support outside North America. Security Exchange Limited is a global network of independent security consultants with specific expertise in dealing with product recall and K&R risks. RQA Inc is a product contamination and recall consultancy that works with product manufacturers and distributors on product crisis planning and management issues. Global Quality Consultants is a recognised authority in quality assurance systems with more than 40 years of combined experience.
The Catlin crisis management underwriting team consists of Class Underwriters Neil Evans and David Burke and Underwriting Assistant Stuart Allen, all of whom have recently joined Catlin.
Neil Evans was most recently vice president of the Crisis Management Division of American International Group Inc. in London. He also served as an account manager with Bain Hogg Insurance Brokers Ltd.
David Burke most recently was Vice President of Marsh's FINPRO Division in London, where he was head of product recall. He also was formerly a senior underwriter with ACE Europe, specialising in product contamination, kidnap/extortion and terrorism risks.
Stuart Allen was most recently a crisis management underwriter with American International Group Inc. in London. He previously was an assistant underwriter with Assicurazioni Generali in London.
Paul Brand, Catlin's chief underwriting officer, said:
“We are pleased to announce that Catlin will soon begin underwriting product recall and kidnap & ransom coverage, and we are also pleased to welcome Neil Evans, David Burke and Stuart Allen to Catlin. We believe that Catlin will quickly become an important market for product recall/K&R business in the London market. Underwriting this class of business will not only expand Catlin's product offerings to brokers and their clients, but will also further diversify the portfolio of business underwritten by the Group.”
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For more information:
| Media Relations: | ||
| James Burcke, Head of Communications, London |
Tel: |
+44 (0)20 7458 5710 +44 (0)7958 767 738 james.burcke@catlin.com |
| Liz Morley, The Maitland Consultancy, London |
Tel: E-mail: |
+44 (0)20 7379 5151 emorley@maitland.co.uk |
| Investor Relations: | ||
| William Spurgin, Head of Investor Relations, London |
Tel: |
+44 (0)20 7458 5726 +44 (0)7710 314 365 william.spurgin@catlin.com |
Notes:
| 1. | The Catlin Group, headquartered in Bermuda, is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business worldwide. Catlin wrote gross premiums of $1.4 billion in 2005. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). | |
| 2. |
Catlin operates four underwriting platforms:
The CThe Catlin Syndicate, Catlin Bermuda and Catlin UK have financial strength ratings of 'A' (Excellent) from A.M. Best Company. Catlin Bermuda and Catlin UK have insurance financial strength ratings of 'A-' (Strong) from Standard & Poor's, whilst the Catlin Syndicate has a Lloyd's Syndicate Assessment of '4-' (Low Dependency) from Standard & Poor's. | |
| 3. |
Catlin also operates offices worldwide which allow Catlin underwriters to work closely with local policyholders and brokers. The offices are located in the United States (Atlanta, Houston, New Orleans and San Francisco), Canada (Toronto), Australia (Sydney), Singapore, Malaysia (Kuala Lumpur), Germany (Cologne), Belgium (Antwerp) and Guernsey. Catlin UK has regional offices in Glasgow, Leeds, Derby, Birmingham and Watford. | |
| 4. | For more information about Catlin, please see the Group's website at www.catlin.com. |