Catlin to manage China Re insurance syndicate
Lloyd's of London insurer Catlin is to manage a reinsurance syndicate created by China Re.
Castelnau Group Limited
78.00p
16:50 25/04/24
Catlin said China Re had received approval from Lloyd's to transform its existing special purpose syndicate into a stand-alone syndicate known as 2088 that will underwrite a diversified book of business, initially focusing on reinsurance, from 1 January 2015.
Catlin's subsidiary Catlin Underwriting Agencies will manage the syndicate, the creation of which marks the first time that a Chinese-owned company has established a Lloyd's syndicate writing open market business.
The UK group said it would enable China Re to access extra business to complement its existing portfolio of Chinese-based risks and to provide a London market presence to provide better service to existing international clients.
It would also provide substantial benefits to the Lloyd's market, including the potential for an increased flow of Chinese business and a greater understanding of Chinese risks, Catlin said.
Chief executive Stephen Catlin said: "The syndicate further underscores Lloyd's position as a leading market for international insurance and reinsurance business. We at Catlin look forward to continuing to work with China Re in the coming years to help build Syndicate 2088's business."
Shares in Catlin rose 6p or 1.1% to 555.5p at 08:46 in London.