New Zealand Earthquake Update

RNS Number : 4086Y

Catlin Group Limited

22 December 2010

 



22 December 2010

CATLIN ESTIMATES LOSSES
FROM NEW ZEALAND EARTHQUAKE

HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international specialty property/casualty insurer and reinsurer, today announces an estimate of the financial impact of the 4 September 2010 New Zealand earthquake in view of the increased interest in this event by the investment community.

The Group currently estimates that, based on total insured losses from the New Zealand earthquake of US$5.5 billion to US$6 billion, Catlin's loss amounts to approximately US$45 million, net of reinsurance and reinstatements. This is an increase of US$10 million from the Group's previous assumptions. 

Catlin's estimate is based on information obtained to date from brokers and clients, a comprehensive review of direct insurance and reinsurance contracts, and information derived from catastrophe modelling analysis. The vast majority of the loss arises from property treaty reinsurance contracts written by the Group's London/UK and Bermuda underwriting hubs.

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For more information contact:

Media Relations:
James Burcke,	Tel:	[phone]
Head of Communications, London	Mobile:	[phone]
	E-mail:	[e-mail]
Liz Morley, Maitland	Tel:	[phone]
	E-mail:	[e-mail]
Investor Relations:
William Spurgin,	Tel:	[phone]
Head of Investor Relations, London	Mobile:	[phone]
	E-mail:	[e-mail]

Notes to editors:

1.   Catlin Group Limited, headquartered in Bermuda, is an international specialist property/ casualty insurer and reinsurer writing more than 30 classes of business worldwide through six underwriting hubs. Gross premiums written in 2009 amounted to more than US$3.7 billion.

2.   Catlin shares are traded on the London Stock Exchange (ticker symbol: CGL). More information about Catlin can be found at catlin.com.

3.   Catlin has established operating hubs in London, Bermuda, the United States, the Asia-Pacific region, Europe and Canada.  Through these hubs, Catlin works closely with policyholders and their brokers.  The hubs also provide Catlin with product and geographic diversity. Altogether, Catlin operates more than 50 offices in 20 countries.

4.   Catlin is the title sponsor of the Catlin Arctic Survey, a unique collaboration between polar explorers and research scientists to improve society's knowledge of potential environmental changes.  Catlin Arctic Survey 2010, which concluded in May, focused on how rising carbon emissions may affect oceans and sea life.  More information is available at CatlinArcticSurvey.com.

 

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