Press Releases
Catlin Group Limited Appoints Richard Banas as President and CEO of Catlin US
9 March 2006
HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international property and casualty insurer and reinsurer, announces the appointment of Richard Banas as president and chief executive officer of Catlin Inc, the Group's US subsidiary, effective 1 April 2006.
Richard Banas will be responsible for the operations of Catlin Insurance Company Inc, which upon regulatory approval will become the Group's fourth underwriting platform. 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 US business on a non-admitted basis (surplus lines, excess, exempt and reinsurance).
Catlin last year reached an agreement 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 specialises.
Stephen Catlin, chief executive of Catlin Group Limited, said:
"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."
Richard Banas has held several executive positions with insurers in the United States. He most recently was executive vice president 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 vice president and chief insurance operating officer at CGU - North America. He held various underwriting and business development responsibilities at St. Paul Fire and Marine Insurance Company, where he worked for more than 20 years.
Catlin currently operates three underwriting platforms:- The Catlin Syndicate at Lloyd's of London (Syndicate 2003), which is one of the ten largest syndicates at Lloyd's based on 2006 premium capacity of £450 million. It is a recognised leader of numerous classes of specialty insurance and reinsurance.
- Catlin Bermuda (Catlin Insurance Company Ltd.), which underwrites property treaty and casualty treaty reinsurance and property and casualty insurance.
- Catlin UK (Catlin Insurance Company (UK) Ltd.), which specialises in underwriting commercial property, general liability, professional indemnity, directors' and officers' liability and commercial crime insurance for UK clients. It also writes other classes of business written by the Catlin Syndicate.
Besides its offices in London and Bermuda, Catlin also operates offices around the world which allow Catlin underwriters to work more closely with local policyholders and brokers. The offices are located in the United States (Houston, New Orleans and San Francisco), Canada (Toronto), Australia (Sydney), Singapore, Malaysia (Kuala Lumpur), Germany (Cologne), Belgium (Antwerp) and Guernsey. Catlin UK has regional offices in Glasgow, Leeds, Derby, Birmingham and Watford.
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For more information contact:
| Media Relations: | ||
| James Burcke, Head of Communications | Tel: Mobile: E-mail: |
+44 (0)20 7458 5710 +44 (0)7958 767 738 james.burcke@catlin.com |
| Liz Morley, The Maitland Consultancy | Tel: E-mail: |
+44 (0)20 7379 5151 emorley@maitland.co.uk |
|
Investor Relations: |
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| William Spurgin, Head of Investor Relations | Tel: Mobile: E-mail: |
+44 (0)20 7458 5726 +44 (0)7710 314 365 william.spurgin@catlin.com |
Notes to editors:
- The Catlin Group, headquartered in Bermuda, is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business worldwide. Catlin wrote gross premiums of $1.4 billion in 2005. Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL).
- All three Catlin underwriting platforms have a financial strength rating of 'A' (Excellent) from A.M. Best Company.
- 'Catlin US' refers to the various components of the Catlin Group's US operations.
- More information about Catlin can be found on the Group's website: www.catlin.com.