Catlin Group to establish offices in Paris, Barcelona, Zurich and Innsbruck
15 December 2006
HAMILTON, Bermuda – Catlin Group Limited (‘CGL’: London Stock Exchange), the international specialty property/casualty insurer and reinsurer, will establish four new European offices in early 2007 in Paris, Barcelona, Zurich and Innsbruck.
The new locations will build on Catlin’s strategy to open offices in key cities worldwide to access business that would not ordinarily be underwritten by one of Catlin’s four underwriting platforms, which further diversifies Catlin’s risk portfolio. The offices will also allow Catlin to work more closely with European clients and their brokers on a local basis.
Each of the offices will provide access to underwriters specialising in all classes of business underwritten by Catlin worldwide. In addition, underwriters based in each of the offices will specialise in writing certain classes of business:
- Catlin France in Paris will specialise in underwriting inland marine and cargo insurance.
- Catlin Iberia in Barcelona will specialise in underwriting cargo business for clients in Spain and Portugal.
- Catlin Switzerland in Zurich will specialise in underwriting construction all-risk (CAR) insurance.
- Catlin Austria in Innsbruck will specialise in underwriting inland marine and cargo insurance.
Following the establishment of the new offices, Catlin will operate offices in six European cities. Catlin Germany in Cologne was established in 2003 and underwrites specie, marine hull, cargo, general aviation and terrorism insurance and property insurance for film productions. Catlin Belgium in Antwerp was established in 2005 and underwrites cargo, film property and marine hull insurance.
Stephen Catlin, chief executive of Catlin Group Limited, said:
“The new European offices to be established by Catlin early in 2007 continues the Group’s strategy to take advantage of new business opportunities wherever possible, to diversify our book of specialty business, and to develop closer relationships with clients and brokers on a local level. The opening of these offices, combined with our pending offer to acquire Wellington Underwriting plc, will ensure an exciting start to 2007 for Catlin.”
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| For more information contact: | ||
| Media Relations: | ||
| James Burcke, Head of Communications, London |
Tel: Mobile: E-mail: |
+44 (0)20 7458 5710 +44 (0)7958 767 738 james.burcke@catlin.com |
| Liz Morley, Maitland | Tel: E-mail: |
+44 (0)20 7379 5151 emorley@maitland.co.uk |
| Investor Relations: | ||
| William Spurgin, Head of Investor Relations, London |
Tel: Mobile: E-mail: |
+44 (0)20 7458 5726 +44 (0)7710 314 365 william.spurgin@catlin.com |
Notes to editors:
- Catlin Group Limited, 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 US$1.4 billion in 2005 and more than US$900 million in the six months ended 30 June 2006. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). More information about Catlin can be found at www.catlin.com.
- Catlin operates four underwriting platforms:
- The Catlin Syndicate at Lloyd’s of London (Syndicate 2003), which is one of the largest syndicates at Lloyd’s based on 2006 premium capacity of Ł480 million. It is a recognised leader of numerous classes of specialty insurance and reinsurance.
- Catlin Bermuda (Catlin Insurance Company Ltd.), which underwrites property treaty and casualty treaty reinsurance and property and casualty insurance.
- Catlin UK (Catlin Insurance Company (UK) Ltd.), which specialises in underwriting commercial non-life insurance for UK clients. It also writes other classes of business written by the Catlin Syndicate.
- Catlin US (Catlin Insurance Company Inc)., an admitted US insurer which will commence operations soon. Catlin US also refers to Catlin’s other US-based operations which include underwriting offices in Atlanta, New York, Houston and New Orleans.
The 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; the Catlin Syndicate has a Lloyd’s Syndicate Assessment of '4-' (Low Dependency) from Standard & Poor’s. - The Catlin Syndicate at Lloyd’s of London (Syndicate 2003), which is one of the largest syndicates at Lloyd’s based on 2006 premium capacity of Ł480 million. It is a recognised leader of numerous classes of specialty insurance and reinsurance.
- Catlin also operates offices worldwide which allow Catlin underwriters to work more closely with local policyholders and brokers. The offices are located in Canada (Toronto and Calgary), Australia (Sydney), Singapore, Malaysia (Kuala Lumpur), Hong Kong, Germany (Cologne), Belgium (Antwerp) and Guernsey. Offices will be opened in early 2007 in Paris, Barcelona, Zurich and Innsbruck. Catlin UK operates regional offices in Glasgow, Leeds, Derby, Birmingham, Watford and Tonbridge.
- On 30 October 2006 the Boards of Catlin Group Limited and Wellington Underwriting plc announced they had agreed the terms of a recommended offer by Catlin for the entire issued and to be issued share capital of Wellington. The offer is expected to be completed by the end of 2006.