9th Jul 2007 09:00
Catlin Group Limited09 July 2007 CATLIN REACTS TO A.M. BEST'S RATING OF CATLIN US INSURANCE COMPANY SUBSIDIARIES HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), theinternational specialty property/casualty insurer and reinsurer, welcomes theannouncement by A.M. Best Company on Friday to assign a financial strengthrating of 'A' (Excellent) to Catlin Insurance Company Inc. and upgrade thefinancial strength rating of Catlin Specialty Insurance Company Inc to 'A'(Excellent) from 'A-'. Both companies are part of Catlin US, the Catlin Group's US-based underwritingplatform. Stephen Catlin, chief executive of Catlin Group Limited, said: "I am delighted that the two Catlin US insurance companies have received 'A'financial strength ratings from A.M. Best. The ratings demonstrate the excellentfinancial security that Catlin US and the rest of the Catlin Group offer to ourclients worldwide. A.M. Best's affirmation of the companies' financial strengthis a key step in the continuing development of Catlin US." In its announcement, A.M. Best said the ratings "reflect the solid risk-adjustedcapitalization of both companies," although A.M. Best also noted that theoutlook for the ratings is negative due to the current negative outlook assignedto Catlin Insurance Company Ltd. of Bermuda (Catlin Bermuda), the parent of bothUS insurers. - ends - For more information contact: Media Relations: James Burcke, Tel: +44 (0)20 7458 5710 Head of Communications, London Mobile: +44 (0)7958 767 738 E-mail: [email protected] Liz Morley, Maitland Tel: +44 (0)20 7379 5151 E-mail: [email protected] Investor Relations: William Spurgin, Tel: +44 (0)20 7458 5726 Head of Investor Relations, London Mobile: +44 (0)7710 314 365 E-mail: [email protected] Notes to editors: 1. Catlin Group Limited, headquartered in Bermuda, is an international specialist property/casualty insurer and reinsurer writing more than 30 classesof business worldwide through four underwriting platforms and an international network of offices. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). More information about Catlin can be found atwww.catlin.com. 2. On 18 December 2006, Catlin's offer to acquire Wellington Underwriting plc was declared unconditional. Combined, Catlin and Wellington underwrote gross premiums of US$2.7 billion during 2006 and produced net income of US$428.5 million. At 31 December 2006, Catlin's total assets amounted toUS$8.8 billion and stockholders' equity amounted to US$2.0 billion. 3. Catlin's four underwriting platforms are: • The Catlin Syndicate at Lloyd's of London (Syndicate 2003) is a recognised leader of numerous classes of specialty insurance and reinsurance. The Catlin Syndicate is the largest at Lloyd's in 2007 based on premium capacity of £1.25 billion. • Catlin Bermuda (Catlin Insurance Company Ltd.), which is a leading participant in the Bermuda market, underwriting a diversified portfolio of property treaty, casualty treaty, political risk and terrorism, and structured risk coverages. • Catlin UK (Catlin Insurance Company (UK) Ltd.), which specialises in underwriting commercial non-life insurance for UK clients through a network of regional offices. It also writes other classes of business written by the Catlin Syndicate. • Catlin US, which encompasses Catlin's operations based in the United States. Catlin US underwrites a wide variety of specialty property/casualty insurance and reinsurance products from a network of more than 15 offices throughout the U.S. 4. Catlin's international network of offices allows the Group to diversify further its risk portfolio and to work more closely with local policyholders and brokers. Besides its offices in the UK, US and Bermuda, Catlin operates offices in Canada, Australia, Singapore, Malaysia, Hong Kong, China, Guernsey, Germany, Belgium, France, Spain, Switzerland and Austria. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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