Level-1 ADR

Catlin Group Limited
14 September 2004
                          

14 September 2004 

                        CATLIN GROUP ESTABLISHES LEVEL-1
                     AMERICAN DEPOSITORY RECEIPT PROGRAMME

HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange) today
announced the establishment of a Level-I American Depositary Receipt (ADR)
programme trading on the US Over-the-Counter (OTC) market.

Each Catlin ADR represents two Catlin common shares as traded on the London
Stock Exchange. The code for Catlin's ADR is 'CNGRY 'and its CUSIP number is
149188104.

The Bank of New York has been appointed as the depositary bank for the Level-I
ADR program.

Catlin already has a number of US shareholders, and the ADR programme is a
further step in raising the company's profile among US investors.

                                    - ends -

For more information contact:

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

Liz Morley, Gavin Anderson & Company                   Tel: [phone]
E-mail: [e-mail]

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


Notes to editors:

1.   The Catlin Group, headquartered in Bermuda, is a publicly listed,
property/casualty insurer and reinsurer writing more than 30 classes of business
worldwide. Catlin wrote gross premiums of $1.2 billion in 2003.
Over its 20 year history, Catlin has demonstrated a forward looking approach to
business, including a realistic and flexible approach to underwriting cycles.
The Group has consistently produced superior financial results and offers
policyholders excellent financial security.


The Group's three underwriting platforms are:

• The Catlin Syndicate at Lloyd's (Syndicate 2003). Syndicate 2003, which
is entirely funded by Catlin, is the ninth largest syndicate at Lloyd's based on
2004 stamp capacity of £500 million ($895 million). The syndicate writes a wide
range of specialty property and casualty insurance and reinsurance.

• Catlin Bermuda (Catlin Insurance Company Ltd.). Catlin Bermuda, which
began underwriting in 2002, writes property and casualty treaty reinsurance,
structured risk and other coverages.

• Catlin UK (the UK Branch of Catlin Insurance Company Ltd.). Catlin UK,
which began underwriting with effect from January 2004, underwrites property,
general liability, professional indemnity, directors' and officers' liability
and crime insurance for UK businesses on a stand-alone basis. It also writes
other classes of business in parallel with the Catlin Syndicate.

Catlin has also established a network of international offices, aiming to work
as closely as possible with brokers and their clients on a local level. Catlin
has offices in the US (Houston and New Orleans), the UK (Glasgow, Leeds and
Derby), Singapore, Malaysia, Germany and Australia. These offices act as
liaisons with local clients and, in many cases, underwrite business on behalf of
the Group's underwriting platforms.

Catlin shares are listed on the London Stock Exchange under the symbol 'CGL'.
More information about the Catlin Group can be found at www.catlin.com.


2.   ADRs are commonly used to facilitate U.S. investors investing in
foreign companies not listed in the United States. An ADR is created when a
broker purchases the company's shares on the home stock market and delivers
those to the depositary's local custodian bank, which then instructs the
depositary bank to issue ADRs.

Level-I ADRs may trade freely, just like any other security, in the US
Over-the-Counter (OTC) market.




                      This information is provided by RNS
            The company news service from the London Stock Exchange