Catlin is to begin writing selected classes of short-term life insurance and reinsurance through a new Lloyd's syndicate and a new Guernsey-domiciled branch of Catlin Bermuda, effective May 1 2009.
Catlin has received authorisation from Lloyd's to establish a life insurance syndicate, Syndicate 3002. The syndicate, which is wholly capitalised by a Catlin subsidiary, will write a worldwide portfolio of short-term life insurance and reinsurance coverages placed in the London market.
The Guernsey branch will write short-term life reinsurance for clients in international markets that would not normally access the London market. The branch will initially focus on the Middle East and Asia-Pacific regions.
The active underwriter of Syndicate 3002 is Nigel Guillaume-Smith, Catlin's business group leader for accident & health business. The syndicate's portfolio will be underwritten by Simon Hearn, who joined Catlin earlier this year.
The Guernsey branch's life portfolio will be underwritten by Ian Rickard, who also joined Catlin earlier in 2009. Rickard most recently was assistant director of life at the Arab Insurance Group in Bahrain.
Catlin's existing accident and health operations, underwritten by the Catlin syndicate at Lloyd s and Catlin US, produced gross premiums written of more than $130m in 2008 and include general personal accident, occupational accident, workers compensation excess of loss, aviation personal accident and loss of licence, sports-related coverages, keyman and confidential life.
"Our new life operations are a natural extension of our leadership position in the accident and health insurance market further diversifying our underwriting portfolio," said Stephen Catlin, CEO of Catlin.