Dividend Declaration

Catlin Group Limited
22 October 2004

                         CATLIN - 2004 INTERIM DIVIDEND

HAMILTON, Bermuda - Catlin Group Limited ('Catlin') announces the conversion
rate for its interim dividend declared on 14 September 2004.

                    2004 interim dividend per share 4.3 pence

                    US Dollar equivalent            7.8574 cents

This is based on an exchange rate of £1 = US$1.8273 as at today (22 October).

The dividend will be paid on 15 November 2004 to shareholders of record at the
close of business on 15 October 2004.

Catlin's interim dividend was determined in dollars but declared in sterling
based on the prevailing exchange rate at 30 June 2004. Shareholders were given
the option to elect to receive their dividend in US dollars based on the
prevailing exchange rate at 22 October 2004.

                                    - ends -

For more information contact:

Media Relations:
James Burcke, Head of Communications         Tel: [phone]
                                             Mobile: [phone]
                                             E-mail: [e-mail]

Martin Leeburn, The Maitland Consultancy     Tel: [phone]
                                             E-mail: [e-mail]

Investor Relations:
William Spurgin, Head of Investor Relations  Tel: [phone]
                                             Mobile: [phone]
                                             E-mail:
                                             [e-mail]





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