Catlin Group Statement Indicates 2005 “In Line with Expectations”

The Board of Directors of the Bermuda-based Catlin Group Limited has released a statement following the Group’s Annual General Meeting indicating that its financial results for calendar year 2005 are in line with its expectations.

Catlin, which manages Lloyd’s Syndicate 2003, operates Catlin Bermuda and the recently established Catlin U.K., said it was “pleased to report continued strong performance by the Catlin Group during 2005. Rate adequacy remains favourable across the classes of business underwritten by the Group, with a weighted average premium rate decrease of 2 per cent to April 30 2005 compared with the previous year. Loss experience to date has been within projections.”

The bulletin also noted that “net premiums earned and net income are developing in line with expectations. Given the rate softening occurring in certain classes and the Group’s commitment to underwriting profit, there has been and will likely remain a reduction in gross premium written from the previous year.”

Other Developments cited in the statement were as follows:
– Liquidity in Catlin Group shares has increased significantly following recent changes to the composition of the share register, including market sales by some of our pre-IPO private equity investors.
– Catlin Canada, based in Toronto, will shortly commence operations, focusing on property, casualty, marine and aviation business.
– Catlin Guernsey will, subject to regulatory approvals, become the newest Catlin company, writing general aviation business on behalf of the Catlin Syndicate at Lloyd’s.
– Catlin Insurance Company (UK) Ltd. (“Catlin UK”) has successfully commenced trading following its authorisation by the UK Financial Services Authority in March. Upon its authorisation, Catlin UK was assigned a financial strength rating of ‘A’ (Excellent) by A.M. Best Company.

CEO Stephen Catlin commented: “I am encouraged by our current trading and the potential of our new initiatives. In a challenging market, we are maintaining our focus on underwriting discipline, maximising new opportunities and actively managing our capital.”