NZ Earthquake Impact Feb 2011

RNS Number : 6604C

Catlin Group Limited

10 March 2011

 



CATLIN ESTIMATES LOSSES FROM
FEBRUARY 2011 NEW ZEALAND EARTHQUAKE

HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international specialty property/casualty insurer and reinsurer, today announces an initial estimate of the financial impact of the 22 February 2011 earthquake which occurred near Christchurch, New Zealand. The magnitude-6.3 earthquake resulted in more than 150 deaths and caused significant damage to residential and commercial property.

Catlin currently estimates that its losses related to this event amount to approximately US$125 million, net of reinsurance and reinstatements.  This estimate is subject to a considerable degree of uncertainty. It will be many months until the total amount of insured damage arising from this catastrophe can be estimated with precision.

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For more information contact:

Media Relations:
James Burcke,	Tel:	[phone]
Head of Communications, London	Mobile:	[phone]
	E-mail:	[e-mail]
Daniel Yea, Maitland	Tel:	[phone]
	E-mail:	[e-mail]
Investor Relations:
William Spurgin,	Tel:	[phone]
Head of Investor Relations, London	Mobile:	[phone]
	E-mail:	[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 2010 amounted to US$4.1 billion.

2.    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.

3.    Catlin is the title sponsor of the Catlin Arctic Survey, an ongoing scientific project in the Arctic whose aim is to produce scientific data that scientists can use to predict the effects of climate change and other environmental changes. The 2011 Catlin Arctic Survey commences later this month. More information regarding the Survey is available at www.catlinarcticsurvey.com.

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

 

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