Catlin Underwriting Agencies Ltd

Current Syndicates - 1003
Other Syndicates of Interest

11 February 2000Catlin acquires part of Southern Risk Operating LLC
The Catlin Group has announced the acquisition of a 25% shareholding in Southern Risk Operating LLC (SRO) a US surplus lines broking operation and Lloyd's coverholder. This opportunity arose when two directors of SRO were offered the chance to execute a management buy-out from Jardine Lloyd Thompson, their previous majority owner. The Catlin Group helped them to effect the management buyout by purchasing a 25% shareholding in their new operating company and by providing them with a loan to allow them to acquire the remaining shares.
12 August 1999Catlin Asia Pte Ltd
On 1st June 1999 Lloyd's granted consent to Catlin to establish Catlin Asia Pte Ltd ('CAPL') in Singapore. This consent was subject to various conditions set by Lloyd's Underwriting Agents Department.

CAPL was formed on 8th July 1999 and, on 2nd August 1999 was granted a licence to trade as an underwriting agent of Lloyd's by the Monetary Authority of Singapore. This licence was granted in anticipation of the establishment of Lloyd's Asia in Singapore and it is a condition of CAPL's licence that it will form a part of Lloyd's Asia on the latter's foundation.

The objective of CAPL is, on behalf of parallel syndicates 1003 and 2003, to underwrite insurance and reinsurance business in Singapore and reinsurance business emanating from elsewhere, concentrating on commercial and industrial risks.

CAPL is owned 100% by Catlin Westgen Group Ltd which, through intermediate holding companies, also owns 100% of Catlin Underwriting Agencies Limited.
30 April 1999Catlin apply to Lloyd's for permission to effect a minority buy-out
Current capacity rules state that a Managing Agent has to apply to Lloyd's before 30th April in any given year for permission to effect a minority buy-out where over 90% of capacity on the Syndicate has been secured. Catlin Westgen Ltd., the dedicated corporate Name underwriting parallel Syndicate 2003, currently owns 77.9% of the combined capacity of Syndicates 1003 and 2003. If the mandatory offer is favourably received and Catlin were to achieve 90%, they would be able to effect a minority buy-out.

 
 

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