Green Shoe Announcement

Catlin Group Limited
08 April 2004


                             FOR IMMEDIATE RELEASE


   The information contained herein is restricted and is not for publication,
         release or distribution in the United States of America, Australia, 
                               Canada or Japan.

8 April 2004



                      GLOBAL OFFER OF CATLIN GROUP LIMITED
                       Exercise of Over-allotment Option

Further to the announcement dated 1 April 2004 of the offering of 47,440,000
common shares of Catlin Group Limited ('Catlin'), Catlin is pleased to announce
that UBS Limited has, on behalf of the managers to the Global Offer, exercised
in its entirety the over-allotment option (the 'Over-allotment Option') for
7,120,000 common shares in Catlin, taking the total offering size to 54,560,000
common shares in Catlin. Net proceeds received by the selling shareholders from
the exercise of the Over-allotment Option are approximately £24 million.

                                     * * *

The contents of this announcement, which has been issued by Catlin and is the
sole responsibility of Catlin, have been approved solely for the purposes of
Section 21 (2) (b) of the Financial Services and Markets Act 2000 by Goldman
Sachs International of Peterborough Court, 133 Fleet Street, London EC4A 2BB,
J.P. Morgan Securities Ltd. of 125 London Wall, London EC2Y 5AJ and UBS Limited
of 1 Finsbury Avenue, London EC2M 2PP.

Goldman Sachs International, J.P. Morgan Securities Ltd. and UBS Limited
(together the 'Joint Global Co-ordinators') are acting for Catlin and no one
else in connection with the Global Offer of common shares in Catlin (the
'Shares') and will not be responsible to anyone other than Catlin for providing
the protections afforded to clients of Joint Global Co-ordinators, nor for
giving advice in relation to the Global Offer or any information contained
herein.

This announcement does not contain or constitute or form part of any offer or
invitation, or any solicitation of an offer, for securities and any purchase of
or application for securities of Catlin pursuant to the Global Offer should only
be made on the basis of the information contained in the formal listing
particulars issued in connection with the Global Offer. The price and value of,
and the income from, securities may go down as well as up. Persons needing
advice should consult a professional adviser.

This announcement is not an offer of securities for sale in the United States.
The Shares have not been and will not be registered under the US Securities Act
of 1933, as amended, (the 'Securities Act') and may not be offered or sold in
the United States unless registered under the Securities Act or pursuant to an
exemption from such registration. Catlin does not intend to make a public
offering of the Shares in the United States.

The Shares will not qualify for distribution under any of the relevant
securities laws of Canada or Japan nor has any prospectus in relation to the
Shares been lodged with the Australian Securities and Investment Commission.
Accordingly, absent registration or an available exemption from such
requirements, the Shares may not be offered or sold, directly or indirectly, in
or into Australia, Canada or Japan.

The Global Offer and the distribution of this announcement and the other
documents or other information relating to the Global Offer may be restricted by
law in certain jurisdictions. No action has been taken by Catlin or the Joint
Global Co-ordinators or any of the underwriters that would permit the Global
Offer, any offer of the Shares and/or possession or distribution of this
announcement or any other offering or publicity material relating to the Global
Offer and/or the Shares in any jurisdiction where action for that purpose is
required, other than to certain investors in the United Kingdom. Persons into
whose possession any of the documents or other information contained herein
comes are required by Catlin to inform themselves about and to observe any such
restrictions.

Stabilisation/FSA






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