The U.K.’s Catlin Group reported from its Bermuda operations center that Richard Banas has been appointed as president and CEO of Catlin Inc., the Group’s new U.S. subsidiary.
“Rich Banas will be responsible for the operations of Catlin Insurance Company Inc, which upon regulatory approval will become the Group’s fourth underwriting platform,” said the announcement. “The company, which will be domiciled in Texas, will write specialty classes of property/casualty insurance for US policyholders which require coverage on an admitted basis.”
Catlin currently underwrites U.S. business on a non-admitted basis (surplus lines, excess, exempt and reinsurance) from three separate platforms – Lloyd’s Syndicate 2003, one of the 10 largest; Catlin Bermuda, which began underwriting in 2002, writes property and casualty treaty reinsurance, structured risk and other coverages, and Catlin U..K., which specialises in writing professional indemnity, property, general liability, D&O and commercial crime coverage for the U.K. market.
The bulletin explained that Catlin had reached an agreement in 2005 “to acquire a shell property/casualty insurance company, which will be renamed Catlin Insurance Company Inc., subject to regulatory approvals and the completion of the acquisition, both of which are expected shortly. Once operational, the company will underwrite specialty classes of business consistent with the classes in which the Group already specializes.”
Chief Executive Stephen Catlin commented: “I am delighted to welcome Rich Banas to Catlin. The creation of Catlin US offers Catlin tremendous underwriting opportunities in the world’s largest insurance market. Rich’s background and experience in specialty insurance underwriting makes him the ideal person to lead the establishment of Catlin US as a leading admitted specialty insurer.”
Banas has held several executive positions with U.S. insurers. Most recently he served as executive VP and chief underwriting officer of XL Professional Lines. He previously served as chief underwriting officer for XL’s global insurance operations. He has also served as a Managing Director of One Beacon Insurance Group and as senior VP and chief insurance operating officer at CGU – North America, following a 20-year career with St. Paul Fire and Marine Insurance Company.
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