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Catlin to Write Short-Term Life Business

 

Thursday, Apr 23,2009, 4:07:31 PM   Click:


Specialist property/casualty insurer Catlin Group Ltd. will start writing short-term insurance and reinsurance in certain life insurance markets on May 1.

The move is intended to bolster Catlin?s existing accident and health covers. The new business will not be linked to other Catlin risks, the group said.

The cover will be written through Lloyd?s Syndicate 3002, which Catlin is establishing as a life vehicle, and a new entity based on the English Channel island of Guernsey. The Guernsey operation will target markets in the Middle East and Asia-Pacific regions.

Nigel Guillaume-Smith, Catlin's business group leader for accident and health, has been named active underwriter of Syndicate 3002. Ian Rickard, former assistant director for life insurance with Arab Insurance Group in Bahrain, will underwrite the life business from Guernsey.

?Our new life operations are a natural extension of our leadership position in the accident and health insurance market, further diversifying our underwriting portfolio,? said Stephen Catlin, chief executive of Catlin Group, in a statement.

Units of Catlin Group have current Best?s Financial Strength Ratings of A (Excellent). Lloyd?s currently has a rating of A. 

(By Robert O'Connor, London editor: Robert.OConnor@ambest.com)

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