Press Releases
Catlin Group estimates impact of recent hurricanes
HAMILTON, Bermuda - Catlin Group Limited (‘Catlin’) has completed an initial review of the potential financial impact of the four hurricanes (Charley, Frances, Ivan and Jeanne) that have caused extensive damage in the Caribbean and the Southeastern United States.
On the basis of the information currently available to Catlin and taking into account our planning assumptions, the Group estimates that the net impact of these events on 2004 income before income tax will amount to approximately US$50 million. This estimate is subject to change -- either upwards or downwards -- as further information becomes available to the Group.
On 14 September 2004, Catlin announced income before income taxes of US$112.6 million and record net income of US$95.8 million for the six months ended 30 June 2004.
Catlin believes that the losses created by the recent hurricanes will have a positive effect on rate levels and underwriting discipline worldwide.
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For more information contact:
Media Relations:
James Burcke, Head of Communications
Tel: +44 (0)20 7458 5710
Mobile: +44 (0)7958 767 738
E-mail: james.burcke@catlin.com
Martin Leeburn, The Maitland Consultancy
Tel: +44 (0)20 7379 5151
E-mail: mleeburn@maitland.co.uk
William Spurgin, Head of Investor Relations
Tel: +44 (0)20 7458 5726
Mobile: +44 (0)7710 314 365
E-mail: william.spurgin@catlin.com
Note to editors:
Catlin Group Limited is a publicly listed underwriter of international specialty property/casualty insurance and reinsurance. Over its 20 year history, Catlin has expanded from its traditional base at Lloyd's and has built a distinctive and efficient infrastructure which comprises a Bermuda holding company; underwriting platforms at Lloyd's, in Bermuda and in the UK company market; and a network of owned offices in the United States, United Kingdom, Continental Europe, Asia and Australia.
The Group's three underwriting platforms are:
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The Catlin Syndicate (Syndicate 2003 at Lloyd's). Syndicate 2003, which is entirely funded by Catlin and managed by Catlin Underwriting Agencies Limited, is the ninth largest syndicate at Lloyd's based on 2004 stamp capacity of £500 million ($909 million). The syndicate writes a wide range of specialty property and casualty insurance and reinsurance.
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Catlin Bermuda (Catlin Insurance Company Ltd.). Catlin Bermuda, a Class 4 insurer and reinsurer licensed in Bermuda , began underwriting in 2002 and writes property treaty and casualty treaty reinsurance, medical stop-loss reinsurance and property and casualty insurance for US risks on a surplus lines basis.
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Catlin UK (the UK Branch of Catlin Insurance Company Ltd.). Catlin UK, which began underwriting with effect from 1 January 2004, writes commercial property, general liability, professional indemnity, directors' and officers' liability and crime insurance for UK clients.
Catlin Group Limited shares are traded on the London Stock Exchange under the ticker symbol ‘CGL’.