Catlin Re Switzerland receive

RNS Number : 5754X

Catlin Group Limited

08 December 2010

 



CATLIN RE SWITZERLAND RECEIVES APPROVAL FROM SWISS REGULATORS

HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces that Catlin Re Switzerland Ltd. ('Catlin Re Switzerland') has received approval from the Swiss Financial Market Supervisory Authority ('FINMA') to operate as a reinsurance company.

Catlin Re Switzerland will be capitalised with approximately US$1.1 billion. Standard & Poor's Ratings Services said last month that it expects to assign a long-term financial strength rating of 'A' to Catlin Re Switzerland as a core subsidiary of the Catlin Group, subject to capitalisation of the company and receipt of all necessary regulatory approvals.

The formation of Catlin Re Switzerland is a major development in the Catlin Group's international expansion and distribution strategy. The company will underwrite property and other classes of specialty reinsurance for European ceding companies as well as trade credit surety and political risk reinsurance on a global basis.  Catlin Re Switzerland will expand its portfolio of European treaty reinsurance business as market conditions justify, building on the existing book of reinsurance business that has been developed and underwritten by Catlin's European offices over the past seven years.

Catlin Re Switzerland, based in Zurich, is a subsidiary of Catlin Bermuda (Catlin Insurance Company Ltd.). Upon receipt of regulatory approval by the Bermuda Monetary Authority, Catlin Re Switzerland will establish a Bermuda branch, initially to underwrite reinsurance of various Catlin Group subsidiaries.

Peter Schmidt, Chief Executive of Catlin Re Switzerland, said:

"I am delighted to announce that Catlin Re Switzerland has received approval from FINMA. The establishment of Catlin Re Switzerland will significantly expand the Catlin Group's presence in the European marketplace. Our ambition is to build Catlin Re Switzerland over time to become a leading European specialty reinsurer

"We are pleased that Catlin Re Switzerland can now serve clients for the upcoming
1 January 2011 renewals."

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For more information contact:

Media Relations:
James Burcke, Head of Communications, London	Tel: Mobile: E-mail:	[phone] [phone] [e-mail]
Liz Morley, Maitland	Tel: E-mail:	[phone] [e-mail]
Investor Relations:
William Spurgin, Head of Investor Relations, London	Tel: Mobile: E-mail:	[phone] [phone] [e-mail]

Notes to editors:

1.   Catlin Group Limited, headquartered in Bermuda, is an international specialist property/
casualty insurer and reinsurer writing more than 30 classes of business worldwide through six underwriting hubs. Gross premiums written in 2009 amounted to more than US$3.7 billion.

2.   Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). More information about Catlin can be found at catlin.com.

3.   Catlin has established operating hubs in London, Bermuda, the United States, the Asia-Pacific region, Europe and Canada.  Through these hubs, Catlin works closely with policyholders and their brokers.  The hubs also provide Catlin with product and geographic diversity. Altogether, Catlin operates more than 50 offices in 20 countries.

4.   Catlin is the title sponsor of the Catlin Arctic Survey, a unique collaboration between polar explorers and research scientists to improve society's knowledge of potential environmental changes.  Catlin Arctic Survey 2010, which concluded in May, focused on how rising carbon emissions may affect oceans and sea life.  More information is available at CatlinArcticSurvey.com.

 

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