Castelnau Group Regulatory News (CGL)

7 Jun 2006 07:00

Catlin Group Limited07 June 2006 CATLIN GROUP LIMITED TRADING STATEMENT HAMILTON, Bermuda - The Board of Directors of Catlin Group Limited ('CGL':London Stock Exchange) released the following statement at the conclusion of theGroup's Annual General Meeting, held 6 June 2006 in Bermuda. Current Trading We are pleased to report solid performance by the Catlin Group during the periodended 30 April 2006. Gross premiums written during the period rose 10 per centcompared with the corresponding period of 2005. Weighted average premium rates for hurricane impacted classes of businessincreased by 28 per cent for business written during the period ended 30 April2006. Weighted average premium rates for non-hurricane impacted businessdecreased by 1 per cent during the period. Weighted average premiums rates forall classes of business written by the Group increased by 9 per cent. Ratescontinue to increase significantly in catastrophe exposed classes of propertyreinsurance where cedants seek significant levels of capacity. Loss experience during 2006 has been in line with expectations across theGroup's overall portfolio. Other Developments • On 25 May 2006, the Group completed the previously announced acquisition of American Indemnity Company, a shell property/casualty insurance company admitted in 27 US states, after having received all necessary regulatory approvals. The company, which will be renamed Catlin Insurance Company Inc., is commencing to underwrite commercial US property and casualty risks as the Catlin Group's fourth underwriting platform. • The Group has opened an office in Atlanta, Georgia, which will serve as the headquarters for the Group's growing US operations. • Standard & Poor's Ratings Services on 23 May 2006 assigned long-term counterparty credit and insurer financial strength ratings of 'A-' (Strong) to Catlin Bermuda and Catlin UK. In addition, Standard & Poor's assigned an interactive Lloyd's Syndicate Assessment of '4-' (Low Dependency) to the Catlin Syndicate. These ratings complement the existing financial strength ratings of 'A' (Excellent) that A.M. Best has assigned to the Catlin Syndicate, Catlin Bermuda and Catlin UK. • The Group will announce its financial results for the six months ended 30 June 2006 on Friday 8 September 2006. Stephen Catlin, Chief Executive of Catlin Group, commented: "We have made a good start to the year. Looking ahead to the second half, wehave reduced our exposure to hurricane-related events, while taking advantage ofthe favourable rating environment in catastrophe classes of business. At thesame time we are making strong progress with our multi-platform strategy fordriving growth in the longer term based on uncorrelated risk. I look forwardwith confidence". - ends - 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 Liz Morley, The Maitland Consultancy Tel: +44 (0)20 7379 5151 E-mail: emorley@maitland.co.uk Investor Relations:William Spurgin, Head of InvestorRelations Tel: +44 (0)20 7458 5726 Mobile: +44 (0)7710 314 365 E-mail: william.spurgin@catlin.com Notes to editors: 1. 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). 2. Catlin operates four underwriting platforms: • The Catlin Syndicate at Lloyd's of London (Syndicate 2003), which is one of the 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 non-life insurance for UK clients. It also writes other classes of business written by the Catlin Syndicate. • Catlin US (American Indemnity Company, to be renamed Catlin Insurance Company Inc.), which specialises in underwriting commercial property/ casualty insurance for US clients. The Catlin Syndicate, Catlin Bermuda and Catlin UK have financial strength ratings of 'A' (Excellent) from A.M. Best Company. Catlin Bermuda and Catlin UK have insurance financial strength ratings of 'A-' (Strong) from Standard & Poor's, whilst the Catlin Syndicate has a Lloyd's Syndicate Assessment of '4-' (Low Dependency) from Standard & Poor's. 3. Catlin also operates offices worldwide which allow Catlin underwriters to work closely with local policyholders and brokers. The offices are located in the United States (Atlanta, 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. 4. More information about Catlin can be found on the Group's website: www.catlin.com. This information is provided by RNS The company news service from the London Stock Exchange