Catlin Group Limited, the international speciality property/casualty insurer and reinsurer, has been rated to to ‘A’ from ‘A-’ from Standard & Poor’s Rating Services. This concerns the insurer financial strength ratings of Catlin’s core operating subsidiaries
Standard & Poor’s has also upgraded its Lloyd’s Syndicate Assessment (‘LSA’) of the Catlin Syndicate at Lloyd’s (Syndicate 2003) to ‘4’ from ‘4-’. In addition, Standard & Poor’s raised its long-term subordinated debt rating on the preferred shares of Catlin Insurance Company Ltd. to ‘BBB+’ from ‘BBB’.
The outlook for all of the ratings and the LSA is stable.
“The rating and assessment upgrades primarily reflect the improved financial profile of the Group,” Standard & Poor’s said in an announcement issued today. “The ratings and assessment also reflect Catlin’s strong competitive position, strong operating performance, strong capitalisation and strong enterprise risk management,” the announcement said.
Specifically, Standard & Poor’s noted that it had raised its assessment of Catlin’s enterprise risk management efforts to ‘Strong’. It said: “ERM is highly important to the ratings given Catlin’s expanding risk profile. The major factors supporting the assessment are a strong risk management culture, strong strategic risk management, and strong controls for insurance and reserving risk.”
Stephen Catlin, chief executive of Catlin Group Limited, said: “I am very pleased that Standard & Poor’s has increased its financial strength ratings of Catlin’s core subsidiaries to ‘A’ and has also upgraded its assessment of the Catlin Syndicate at Lloyd’s. In its commentary, Standard & Poor’s recognises Catlin’s strong capitalisation and operating performance, as well as our significant commitment to enterprise risk management.
“The upgraded Standard & Poor’s ratings and assessment demonstrate the excellent financial security that Catlin offers to clients and their brokers worldwide. I am proud that the hard work of Catlin’s more than 1,300 employees around the globe has been recognised by Standard & Poor’s announcement today.”
The Catlin subsidiaries to which Standard & Poor’s ‘A’ financial strength ratings apply are: Catlin Insurance Company Ltd. of Bermuda (Catlin Bermuda); Catlin Insurance Company (UK) Ltd. (Catlin UK); and Catlin Specialty Insurance Company and Catlin Insurance Company Inc., which both operate as Catlin US.
