Catlin Group Limited. Specialty Insurance and Reinsurance

Transcription

1 Catlin Group Limited Specialty Insurance and Reinsurance

2 Catlin at a glance About the Catlin Group Catlin Group Limited is a leading international specialty insurer and reinsurer, providing creative risk management solutions and excellent financial security to clients worldwide. The Group, which underwrote more than US$3.7 billion in gross premiums in 2009, operates six underwriting hubs and has established more than 45 offices in 20 countries around the world. Catlin was established more than 25 years ago in London, and London remains Catlin s largest underwriting hub. The London/UK hub includes the Catlin Syndicate at Lloyd s (Syndicate 2003), an acknowledged market leader and the largest syndicate at Lloyd s based on gross premiums written. Catlin s London/UK hub also includes Catlin UK (Catlin Insurance Company (UK) Ltd.). Catlin UK underwrites property and casualty insurance for UK regional clients and also provides an alternative to wholesale clients who prefer coverage written on company paper. The Catlin Group operates five other underwriting hubs worldwide: Bermuda, which underwrites a portfolio of property reinsurance along with other specialty classes of insurance and reinsurance United States, which underwrites more than a dozen specialty insurance and reinsurance classes of business from 16 offices Asia-Pacific, which underwrites specialty classes of business from underwriting offices in Singapore, Malaysia, China and Australia. Representative offices are located in Japan and India Europe, which serves European commercial clients from offices in Germany, France, Spain, Italy, Belgium, Switzerland, Austria and Norway. Catlin s two Latin American regional offices are also part of the European hub Canada, which underwrites property and casualty classes of insurance from offices in Toronto and Calgary Throughout its 25 years of operations, Catlin has strived to build a business for the future through a firm commitment to disciplined underwriting and a forward-looking approach to the management of underwriting cycles. Catlin s goal is to offer a consistent source of underwriting expertise and capacity through both hard and soft markets. Financial Performance Catlin offers excellent financial security to policyholders. The Group produced excellent financial results for 2009, reporting record premium volume and profitability. Gross premiums written (US$m) US$3.7bn Combined ratio (%) ,387 2,722 3, ,437 3, Net income (US$m) US$509m Total assets (US$m) The Catlin Syndicate and Catlin UK have been assigned financial strength ratings of A (Excellent) by A.M. Best. Catlin UK has received an insurer financial strength rating of A (Strong) from Standard & Poor s. S&P has assigned the overall Lloyd s market an insurer financial strength rating of A+ (Strong). 20 8,606 3,860 9,601 11,682 9, % US$11.7bn

3 About Catlin Catlin Group Limited is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business. To realise our own ambitions, Catlin helps realise the ambitions of our clients. Catlin underwriters work in parallel with clients and their brokers to develop imaginative and effective risk management solutions. Catlin is known for its disciplined underwriting, superior client service, highly diversified product offerings and excellent financial strength. Our core strength lies with nearly 1,400 talented, energetic professionals employed by Catlin worldwide. Catlin operates six underwriting hubs in the world s major insurance markets: London/UK Bermuda United States Asia-Pacific Europe Canada Catlin s largest operating hub, the London/UK hub includes the Catlin Syndicate at Lloyd s (Syndicate 2003), the largest in the marketplace based on gross premiums written. It also includes Catlin UK (Catlin Insurance Company (UK) Ltd.), which underwrites property/ casualty insurance for UK regional clients and London market wholesale business. Which underwrites a portfolio of property reinsurance along with other specialty classes of insurance and reinsurance. Which underwrites more than a dozen specialty insurance and reinsurance classes of business from 16 offices. Which underwrites specialty classes of business from underwriting offices in Singapore, Malaysia, China and Australia. Representative offices are located in Japan and India. Which serves European commercial clients from offices in Germany, France, Spain, Italy, Belgium, Switzerland, Austria and Norway. Catlin s two Latin American regional offices are also part of the European hub. Which underwrites property and casualty classes of insurance from offices in Toronto and Calgary. Catlin has established a network of over 45 offices located in major cities worldwide. These offices allow Catlin to diversify its risk portfolio and to work more closely with local policyholders and brokers. We have made great achievements in our first 25 years. Catlin is successful because we work in parallel with our clients and their brokers, ensuring that our risk management solutions help them to meet their own goals. We are able to accomplish this by following the Catlin principles such as underwriting discipline, teamwork, excellent financial security, diversification by business class and geographic area, and ensuring that all Catlin employees abide by the highest ethical standards. Our strategy, core principles and our way of serving our clients is what makes us who we are. This is Catlin. Stephen Catlin, Founder and CEO

4 Aerospace Located in London and utilising a global team of underwriters, the Catlin Aerospace Group offers a comprehensive range of insurance products. There is a core team located at both the London head office and at Lloyd s, whilst Catlin also has Aviation underwriting teams based in Calgary, Cologne, Guernsey, Paris, Singapore, Sydney and Toronto. Airlines On a worldwide scale Catlin is able to quote and support all classes of airline business. Flag carriers Major airlines Regional airlines Feeder networks Cargo airlines Charter airlines Government operations Military risks Business jets and private airlines Hull all risks Liabilities, including incidental airlines liabilities In-flight personal accident Hull war risks Excess war liability Airline Products & Airport Operations Catlin offers comprehensive liability programs to a diverse range of aerospace manufacturers, airport operators and their service providers. Products Aerospace manufacturers and their subcontractors General aviation manufacturers Component manufacturers Fuel refiners, distributors and handlers Maintenance providers and repairers Airports Major international airports as well as regional and local airfields International and multi-location programmes Air traffic control authorities Ramp/ground services Passenger and baggage screening companies FBOs General Aviation With global coverage, Catlin is able to quote and support a diverse range of general aviation risks including: Fixed-wing and rotor-wing Industrial aid Charter operations Utility operators Private aircraft Training schools Military risks Float planes Gliders and balloons Hull all risks Liabilities including incidental liabilities; premises, products and hangar-keepers liability In-flight personal accident Hull war risks Space Catlin underwrites, and where appropriate leads, both standard and non-standard coverage for a variety of clients, including: Satellite operators Satellite manufacturers Launch service providers Finance companies Launch vehicle coverage Single satellite policies Multi-satellite packages Combined pre-launch, launch and orbit policies Comprehensive standard coverage Bespoke wordings with cross-class coverage individually tailored to an insured s requirements Contact details for the Aerospace team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

5 2009 ESA-ARIANESPACE/Photo Optique Video CSG

6 Specialty The Catlin Specialty team has built a strong reputation for tailoring individual underwriting solutions for a diverse portfolio of risks. The teams breadth of experience, expertise and superior service enables it to underwrite a wide range of risks and to be recognised as a market leader. Accident & Health Catlin accident and health is well known in the market for its willingness to look at the diverse as well as the standard. The team underwrite a wide range of risks from personal accident and disability products to reinsurance and catastrophe treaty. Examples of the types of coverage offered are as follows: General personal accident individual and group Occupational accident Workers compensation excess of loss War and terrorism personal accident Ships crew personal accident Aviation personal accident and loss of licence Sports Credit cards Travel and evacuation and repatriation schemes Treaty life, personal accident and travel excess of loss Business travel Trip travel accumulation Keyman and confidential life Organ transplant Medical expenses Equine and Livestock Catlin is widely recognised for their global equestrian expertise. Whilst they specialise in equestrian risks, they also cover a wide range of bloodstock risks and provide livestock insurance solutions for clients worldwide. Examples of the types of coverage offered are as follows: Equine coverage All risk mortality Loss of use Vets fees and life saving surgery Stallion permanent total infertility Congenital infertility Care custody and control Personal accident Liability Property Livestock coverage Mortality including disease in situ and in transit for: - Cattle and pigs - Poultry - Aquatics and exotics - Deer, elk, alpacas and llamas Frozen semen/embryos in situ and in transit Compulsory slaughter by government order Loss of revenue arising from a national disease Life Insurance Catlin Life Syndicate 3002 was established in 2009 and is focused on developing UK and international life insurance and reinsurance solutions, on a stand alone basis or in conjunction with Catlin s leading accident and health proposition. The underwriting team have extensive experience in the life insurance industry having worked at direct underwriters and reinsurance companies over the last 20 years. Catlin looks to utilise this experience to enable the team to work closely with the market, listen to the needs and deliver quality solutions. Annual renewable life natural causes and death any cause, with key areas of interest being: Group/affinity life Short-term life insurance for individuals Aviation life Ships crew life Sports life Complex medical cases Specialist risks such as cover for persons in hazardous occupations Short-term business covers key person, loan cover Shareholder and partnership protection Aquaculture Aquaculture has become of increasing importance due to the rapid growth of fish farming globally and a risk profile that is constantly evolving due to climate change, farming of new species and technological development. Aquaculture provides solutions tailored for offshore and onshore farms, growout operations and hatcheries in respect of finfish, crustacea and shellfish. Stock mortality is offered for the following perils: Pollution Theft Predation Storm, lightning, tidal wave, collision, structural failure of equipment Freezing, supercooling Deoxygenation of water Other changes in chemical constituency of water, including salinity Disease Drought, fire, explosion*, earthquake Mechanical breakdown* Electrical breakdown* *Onshore establishments Contact details for the Specialty team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

7 Contingency The Catlin contingency team is primarily focused on film and event cancellation business for trade shows, sport and entertainment events. Catlin s key areas of interest are: Event cancellation and abandonment Film producers indemnity Confidential life Non appearance

8 Casualty The Catlin Casualty team has a strong market reputation for creating underwriting solutions for a varied worldwide portfolio of risks. Their breadth of expertise helps them to underwrite a wide range of risks such as general liability, hospital and healthcare professional liability, construction risks and niche pharmaceutical product liability. Catlin s specialist underwriters are located in London/UK, Asia-Pacific, Australia, Europe and Canada. General Liability Catlin is a lead market for risks which are complex and diversified with operations located worldwide. Areas of expertise include: Products exposures examples include manufacturers of auto components, chemicals, industrial machinery, electrical equipment, heavy engineering, tyres, medical devices and critical components Construction project specific, practice and wrap-up policies and commercial. Contractors and sub contractors Transportation railways and urban transit systems Fortune 1000 multinational companies located anywhere in the world Mining Including quarrying, mining, primary metal products, rubber, stone, clay, glass, forestry and steel fabrication Small and medium enterprise (SME) risks worldwide writer of small and mid sized manufacturers Delegated binding authorities Risks domiciled anywhere in the world, including USA Primary, umbrella and excess liability participations Employers liability Public liability Products liability Knowledge and use of local market forms Non-standard extensions Business written on an occurrence, occurrence reported and claims made basis Pharmaceutical Product Liability Catlin targets niche or generic pharmaceutical product manufacturers, biotechnology companies and medical product manufacturers, predominantly with US exposures. Typically Catlin looks at manufacturers with medium to large revenues Generic drug manufacturers with a broad spectrum of products. Catlin has an appetite for some of the higher profile litigated classes in this field, but also look at manufacturers of over the counter medicines and general prescription medicines Niche ethical drug manufacturers, which specialise in focused therapeutic areas Catlin will consider large orthopaedic product manufacturers and medical product manufacturers, both implantable and non-implantable. Catlin will also consider insuring suppliers to the hospitals or clinics, at times re-branding sourced products Catlin underwrites on claims made (with and without batch) and occurrence reported/integrated occurrence wordings Catlin underwrites both stand alone product liability and umbrella liability, which can cover general liability, Auto liability and so on. If necessary Catlin will underwrite on split occurrence/claims made triggers, so long as the product exposure is on a claims made (or occurrence reported) basis Typically written on 1st, 2nd or 3rd excess layers. Catlin is a lead market for this business US Professional Liability Catlin began writing US professional liability insurance in 2006 and has established itself as a significant lead in the London Market. Catlin specialises in the following professions: Lawyers professional liability including employed or in-house lawyers for firms of a maximum of 100 attorneys Insurance agents Architects/engineers Miscellaneous professional service providers Catlin do not insure the following: financial institutions or financial advisors including insurance companies, actuaries, medical or healthcare organisations or laboratories. While most business is written 100% on behalf of the Catlin Syndicate, Catlin is happy to participate on coinsurance placements. Catlin predominantly underwrites primary insurance layers and trade from the box on the ground floor at Lloyd s. Whilst most risks are on an open market basis, binding authorities might be considered. Catlin partners with Mendes & Mount and work with insured s to ensure proper claims management. Medical Malpractice & Healthcare Professional Liability Catlin began writing US healthcare professional insurance in 1994 and has established itself as a significant lead in the London Market. Catlin s healthcare expertise stands out amongst its peers due to its ability to offer solutions throughout the healthcare industry, irrespective of the size and complexity of the risk. Hospital Professional Liability Recognised London and Lloyd s lead Both primary and excess placements considered Broad appetite; from small rural hospitals to large tertiary care centres Twin tower coverage for hospital professional liability and general liability Umbrella coverage lines also considered Professional liability on a claims made basis; general liability on occurrence basis also considered Jurisdiction: US and Canada Contact details for the Casualty team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

9 Allied Healthcare Professional Liability Written on both an open market and programme basis is for professional and general liability with standard market additions Broad spectrum of classes written throughout the allied healthcare and social services arena Jurisdiction: US and Canada Long-Term Care Written on both an open market and programme basis for skilled nursing, assisted and independent living From single locations to multi-state operations (with some restrictions) is for professional and general liability with standard market additions Policy provides coverage for physical and sexual abuse and also punitive damages Jurisdiction: US and Canada

10 Property The Catlin Property team is recognised as having a strong London market presence across all lines, with a depth of experience, technical underwriting and embedded wordings expertise. Catlin s risk profile is very wide ranging and long standing client relationships are very important. The portfolio has a good mix of facultative and coverholder business. Construction and Engineering Catlin s construction and engineering team underwrites a diverse range of construction-related products on a worldwide basis. Specialist underwriters are located in London, Zurich, Singapore, Barcelona, Calgary, Milan and Innsbruck and have experience of projects in the following sectors: Power Major building projects Tunnelling Mining Transportation Waste Heavy civil engineering projects Water Renewable energy Construction/Contractors All Risks (CAR) Engineering/Erection All Risk (EAR) Advanced Loss of Profits (ALOP)/Delay in Start Up (DSU) Machinery Breakdown (MB) Third Party Liability (TPL) Excess Third Party Liability (XSTPL) Annual facilities for employers and contractors Commercial project builders insurance Catlin is able to underwrite business on the following basis: Quota share Excess of loss Facultative reinsurance Direct Treaty Facultative Property The experienced team underwrite a worldwide book of insurance and facultative reinsurance. They have built up a thorough knowledge of the territories and clients through extensive travel and regular meetings. As a result Catlin enjoys a lead position in the market. Catlin offers a large capacity on: Full value cover Primary limits Excess of loss layers The classes of building are extremely diverse and occupations vary from condominiums to semiconductor manufacturers, from railway operators to hotels. All types of residential and commercial property will be considered as well as: Manufacturing and processing Transport infrastructure Metal and ore processing and extraction The scope of coverage can be: All Risks Named Perils (including stand alone natural catastrophe perils such as windstorm and earthquake) Associated coverage of business interruption, contingent business interruption and loss of profits Named Perils (including stand alone natural catastrophe perils such as windstorm and earthquake) Associated coverage of business interruption, contingent business interruption and loss of profits Catlin also underwrites a mature book of first party property and third party liability business for all risks associated with the nuclear fuel cycle. The majority of this business is accessed through participation in the worldwide nuclear pooling system and via reinsurance support of industry mutual organisations. Catlin has an active role in the management of Nuclear Risk Insurers, otherwise known as the British Nuclear Pool. Non Marine Binding Authorities located in the USA The non-marine binding authority team specialise in first party property and automobile-related risks written under delegated authorities. The vast majority of the business written is located in the US and administered by specialist managing general brokers. The risk profile is under US$5m total insured value, in most cases, and the target client base could not be written cost effectively in any other way. The majority of the business is written at Lloyd s and co-insured with the Lloyd s market. Catlin is a major player in the London surplus lines market and leads a significant proportion of its business. Catlin enjoys longstanding relationships with many of its managing agents. Commercial property, personal lines, inland marine, commercial automobile are written on standard ISO or Lloyd s policy forms, usually excluding the perils of flood and earthquake. Standalone earthquake and flood are also written by specialist cover holders. The binding authority team also underwrite numerous niche products such as: Personal article floaters Contingent risks Affinity UK Commercial Property and International Binders UK Property Catlin has a diverse book of UK property insurance; both residential and commercial; from caravans, schools and farms to the heavy process industries and office blocks. Contact details for the Property team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

11 As a Lloyd s UK property market leader, Catlin has considerable experience from which to draw upon; combined with good relationships with risk management consultants and an ability to write cross class binding authorities and facultative business. Catlin has their own bespoke UK policy wording catering for specified perils and all risks coverage s; which can be further tailored if needed. Binding authority classes vary from personal lines; automobile physical damage; point of sale insurance and general commercial business. International Binders Residential, automotive damage and general commercial property are all part of the Catlin international binder portfolio. In addition to this Catlin also underwrites various earthquake portfolio s across Europe; along with various cross class binders. The majority of this book is written on Lloyd s paper supported by the subscription market, binders are sourced from all over the world writing on a quota share, primary and excess of loss basis; and occasionally via co-insurance. Both general and niche segments are targeted in the various corners of the globe; but a good solid relationship with the coverholder is paramount.

12 Energy The Catlin Energy team has built a strong reputation as a market leader in all segments of the Energy sector. Experience and expertise enables Catlin underwriters to provide underwriting solutions for a varied and global portfolio of risks. Upstream The upstream energy account was one of the very first lines of business to have been underwritten by the Catlin Group and Catlin underwrites one of the largest Upstream Energy portfolios in the market. This is a mature book of business founded on long-term relationships, some dating back over 20 years. The underwriting team is a recognised leader within the class, leading over 60% of the business written across both direct and reinsurance placements. The team carries a wealth of experience that is dedicated to provide innovative solutions across all different facets of the upstream energy sector, including: Operators/non-operators Contractors and construction projects The product lines underwritten principally include physical damage, operators extra expense and business interruption, on behalf of a range of multinational clients. Onshore Energy & Power The onshore energy account consists of downstream energy, midstream energy and power generation. The portfolio encompasses: Refineries Petrochemical plants Gas companies Fossil fuel power stations. Accounts vary from single locations to multinational companies with a global spread of risk. It is a worldwide account; however a majority of values exposed are based in the US. Business is written on a direct and facultative reinsurance basis. There is no preferred point of attachment. Each risk is viewed on a case by case basis which results in a variety of primary, excess and full limit lines being offered. Catlin is a recognised and respected leader in the onshore energy market. Energy Liability The energy liability account encompasses liability associated with upstream energy risks. Examples of risks in the book are: Liabilities arising from offshore pipelines and platforms Offshore construction projects This is a predominantly US-based book of business although risks from all territories are written. The majority of risks are written on an excess basis. Catlin is a respected lead in the energy liability market. Marine Liability Catlin is a market leader in marine liability and has one of the largest portfolios in the market. The account encompasses a variety of marine liability risks. Protection and indemnity is a key component of the account and Catlin leads the international Group of P&I Clubs reinsurance programme. In addition to P&I, the portfolio also encompasses traditional marine liability risks such as: Ports and terminals Charterers Ship repairers Niche lines of marine liability business are also written and include: Pollution Marine professional indemnity Cargo liabilities Maritime employers liability The risks in the account are spread throughout the world, reflecting the international nature of shipping, although the account is primarily underwritten in London. Contact details for the Energy team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

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14 Marine & Specie Marine insurance remains very strong in Lloyd s and has been one of Catlin s core books since the business started. Catlin has market leading teams in terms of industry knowledge, market share and the ability to consistently outperform the market and the underwriters are supported by a technically strong claims team. Whilst the book is still dominated by the London account, Catlin has specialists in Asia, Australia, Europe and North America. Marine Hull Catlin has been involved in this class of business since the earliest days of the syndicate. Over the years a strong reputation has been built based on not only technical ability but also a willingness to trade and find solutions where others have failed. Fundamental values include the provision of a first class service and availability of decision makers. Market acknowledged strong leadership in various niche areas separate Catlin from the following markets. Experience, technical skill, and an understanding that, despite five decades of combined knowledge amongst the class underwriters, the learning curve is ever upward and has enabled the Catlin hull team to maintain their market leading position. Classes Blue water hulls physical damage for a diverse range of commercial cargo ships, passenger carrying vessels, fast ferries and offshore research vessels Brown water hulls physical damage for a wide variety of fluvial and coastal vessels from harbour tugs to floating cranes to fishing vessels Yachts physical damage and limited liability coverage for the most modest day boats to the largest mega-yachts Ship building and conversion risks physical damage for both short-term refits to passenger liner construction and long-term military projects Mortgagees Interest non-vitiation cover for ship financiers and banks Marine property piers, docks, wharves and marinas for physical damage Cables sub-sea high voltage power and fibre-optic communications cable laying risks as well as the annual maintenance and operational risks Marine War risks physical damage and liability coverage for vessels for war, terrorism and piracy risks Specie Catlin insures valuable property (specie) whilst in storage and in transit anywhere in the world against physical loss or damage. There is a strong reputation for providing bespoke solutions for clients very individual needs based on a wide breadth of expertise in their industries. The Catlin specie team offer an insurance solution for physical loss or damage for the following assureds and risks: Manufacturing, wholesale or retail jewellers Diamond processing Private jewellery collections Art galleries Museums Short-term fine art exhibitions Private art collections Valuable property in vaults Valuable property in transit Auction houses Armoured car companies ATMs Financial institutions Shipment and storage of precious metals The specie team can also offer ancillary products including liability and terrorism. Cargo Catlin underwrites one of the largest cargo portfolios in the London Market and leads a substantial amount of the business underwritten. The team are able to underwrite on behalf of two platforms, with clients having the choice between the Lloyd s syndicate and Catlin Insurance Company UK. Catlin s service company, Catlin Risk Solutions, offers both syndicate and company policies. The account is now broad based and includes the transits of general cargoes and commodities, a carefully selected and controlled number of binding authorities and brokers lineslips where Catlin lead the business. Catlin has an experienced team of claims adjusters who give excellent service to clients and the market. is usually for all risks of physical loss or damage as per the standard institute cargo clauses. Catlin also has their own bespoke wordings which cater for the more unusual risks. Catlin cargo specialises in satellite pre-launch risks, ocean cargo tow risks, project cargo including delay in start-up. Other areas of expertise include: Bulk oil Warehouseman s liability Stock in storage Known difficult geographic areas Contact details for the Marine team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

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16 Reinsurance The Reinsurance teams are recognised as market leaders across all sectors. Within these teams there are very experienced Underwriters supported by strong Actuarial and Catastrophe Modelling resource. The account continues to focus around long-term Reinsurance relationships many of which have been developed over a great number of years. Property Reinsurance The Property reinsurance account is a longstanding business class at Catlin. Significant and lead capacity can be offered on per risk and per occurrence business on a non-proportional form, on treaties situated throughout the world. The team also underwrite a book of pro-rata and again significant capacity can be made available, including catastrophe exposed portfolios. On the US side, standard nationwide and regional property classes make up the bulk of the book. On the international account Catlin has a combination of single territory covers as well as pan-continental/regional programmes where higher capacities are purchased from clients. Support can be offered on stop loss, crop and terrorism in addition to providing clients with bespoke products. The team s focus is on delivering superior service to clients and the very best solutions covering: Catastrophe-exposed business Standard property risks Stop loss Crop business Terrorism risks Marine & Aviation Reinsurance Catlin underwrites a portfolio of protections for writers of direct marine and aviation business. This is an account that the company has written for many years. Marine protections can be offered to direct writers of London market business and also indigenous books from countries worldwide. The aviation sector of the account encompasses both London market and domestic and regional insurers of airline and non-airline business, with underwriters considering protections on an industry loss basis or UNL basis. can include the following: Casualty Reinsurance Casualty reinsurance is written by teams specialising in US and international business. All are considered market leaders in their field and are willing to consider clients individual requirements and work with them to provide bespoke products. The US casualty reinsurance book is a long established portfolio at Catlin, and is written predominantly on a non proportional basis. Underwriters are prepared to consider offering support to primary insurers, insured-owned captives, mutuals and risk retention groups. Catlin s international underwriters are willing to consider nonproportional programmes originating from anywhere outside the US, working with Catlin s international offices to find the best solution for both regional and global clients. In addition, Catlin also provides London market clients with subscription portfolios, offering protection both on a risk and clash basis. The principle classes of business included in the US portfolio are: Medical malpractice Professional liability General liability Workers compensation Automobile liability Catlin s international casualty portfolio covers the following: Public liability Products liability Employers liability Motor Professional indemnity Financial institutions Hull and cargo Onshore and offshore energy Political risk Trade credit War and terrorism Whole account/composite Airline and non-airline business Contact details for the Reinsurance team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

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18 Terrorism, War, Political Risks, Credit and Product Recall Catlin has been writing these niche insurance products for many years and has teams of expert underwriters located in London, Bermuda, Singapore, Cologne and Sydney. The experience, excellent service levels and dedicated claims teams have enabled Catlin to become one of the leading markets in these classes. Catlin continues to be committed to these business areas despite the recent challenging global economic environment and the uncertainty that brings and will continue to provide expert insurance solutions for clients going forward. Political Violence including Terrorism and War on Land Catlin is a market leader for insurance products covering Political Violence perils. The team comprises of underwriters in London, Bermuda, Germany and Singapore. Underwriting Appetite Catlin currently provides cover for assets and investments in more than 150 countries worldwide. Political violence perils are highly unpredictable and can have a catastrophic impact upon a corporations people, assets and ability to continue trading. Traditional property and liability insurers have proven reluctant to adequately cover the full consequences of political violence. Physical damage to property worldwide Business interruption and extra expense following property damage Public liability and employers liability Event cancellation Lenders interests Perils Terrorism and sabotage Malicious damage Riots, strikes and civil commotions War and civil war Coup d etat, insurrection, rebellion and revolution Clients Real estate companies Project finance and overseas investments Financial institutions Industrial risks Oil and gas companies Municipalities Iconic brands Catlin also offers terrorism coverage following a Chemical, Biological, Nuclear or Radiological (CBNR) attack. Reinsurance Catlin is also a leading re-insurer for political violence perils. Reinsurance products include: Proportional treaty Excess loss treaty Chemical, biological, nuclear and radiological reinsurance Captive wraps TRIA retention buy outs Political Risk Insurance Catlin is a market leader for political risk insurance, comprising of a team of underwriters in London, Bermuda, Germany and Singapore. Political risk perils are highly unpredictable and can have a catastrophic impact upon a corporations assets. Catlin has the ability and appetite to cover a broad spectrum of political risks including a corporations investment in a new or existing project, bank loans to new and existing borrowers, traders, credit receivables and a company s leased assets. Underwriting Appetite Corporations and traders with overseas investments Equity Financial institutions Specific projects Traders, exporters and corporations that have a repayment obligation from the sovereign or state owned enterprise Exporters and contractors who have mobile equipment Multilaterals and export credit agencies Expropriation/nationalisation/confiscation Currency inconvertibility and non transfer Political violence Non-repossession of aircraft and mobile equipment Pre-shipment risks Non-payment of sovereign and sub sovereign debt obligations Clients Contractors Aircraft financing and leasing companies Exporters Traders Banks Credit Catlin has been a leader for credit insurance products for many years, working alongside the political risk team. The team comprises a number of underwriters in London, Bermuda and Singapore. Underwriting Appetite Non-payment by corporate entities Non-repayment of an advance payment following non-delivery of goods Non-honouring of parental guarantee Non-honouring of a letter of credit Non-honouring of arbitration award following unfair calling of a bond Political risks resulting in any of the above Contact details for the War & Political Risk team underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

19 Credit insurance provides cover for non-payment by debtors therefore providing balance sheet protection. Clients Corporate entities Commodity traders Financial institutions Global and regional insurance companies Key differentiators include Long policy periods Large line size Flexible approach with empowered underwriters Dedicated claims team Crisis Management Product Recall & Kidnap for Ransom Catlin is a market leader for insurance products covering product recall. The team comprises of underwriters in London and Sydney. Product recalls are occurring with far higher frequency whilst receiving an increased profile in the media; if handled badly a product recall can have a catastrophic impact upon a corporation Recall costs Business interruption Rehabilitation costs (sub limited) Third-party recall costs (sub limited) Extortion monies Consultant costs (unlimited) Kidnap for ransom Clients Manufacturers, distributors and retailers of topical and ingestible products Food, beverage, cosmetics, pharmaceutical (OTC), tobacco Finished goods manufacturers of consumer products (not component parts) Toy and child related products, sports and recreational equipment, household appliances, home electrical equipment, garden tools and products, packaging and containers, tools Companies with good, quality assurance, HACCP recall plan and crisis management plans in place Restaurants Key differentiators include Flexible approach with empowered underwriters Large line size Dedicated claims team

20 Professional & Financial Risks & Motor The Professional/Financial Risks and UK Motor team are recognised market leaders providing underwriting for a diverse range of professional, commercial clients and financial institutions worldwide. The team has experience and expertise that has been built over many years establishing strong and long-term relationships with clients and brokers by providing a first class service coupled with risk management solutions which are unrivalled in their markets. Professional Indemnity The marketplace extends from small-to-medium employers to a wide range of professions and service providers, from individuals and partnerships to large firms. Tailoring coverage to fit the needs of each profession, Catlin insures a wide range of occupations including: Accountants Architects Engineers Estate Agents Surveyors Solicitors Management consultants Commercial insurance brokers Charities Design and construct School governors Miscellaneous Directors & Officers Liability Catlin can provide standard or tailored cover to directors and officers of both small to medium size enterprises through to large corporate clients in any commercial industry or any financial institution. Catlin will consider risks on a worldwide basis where either Lloyd s or Company platforms are licensed. Catlin currently underwrites in UK, Europe, North America and Far East, providing cover for: Traditional A/B/C/D&O placements Side A DIC cover Public offering of securities liability capital insurance Employment practices liability cover (in certain cases only when requested as part of a package with directors & officers cover) Pension trustees liability cover Run-off directors & officers liability Clients Financial and commercial institutions FTSE 100 and 250 companies Fortune 500 companies or below Small to medium enterprises Dual listed Canadian organisations UK Motor Fleet Motor Fleet is new to Catlin UK s major speciality classes and was launched in Product distribution is focused on the London offices of wholesalers and national brokers. Target markets are: General UK domiciled fleets of 15 vehicles upwards (other than taxis and self-drive hire risks) UK haulage accounts; will consider all but high hazard carriage risks The Catlin underwriting philosophy is: A risk management focus Experience driven lending itself to an actuarial approach Open minded use knowledge to see behind claims numbers Versatile approach to programme including: - Risk sharing with captives - Large deductibles and aggregate stop loss deals Commercial Crime Catlin has diversified from the traditional London agency basis to underwrite increasing volumes of commercial crime business through independent regional brokers. Primary for small-to-medium UK companies Excess basis for large companies Employee dishonesty Physical losses inside and outside of premises Counterfeit and forgery risks, third party computer and funds transfer fraud Financial Institutions Catlin has been underwriting a financial institutions account for more than ten years and is an established market leader for this insurance class. Catlin underwrites: Bankers blanket bond and computer crime on a world-wide basis Professional indemnity and directors & officers liability mainly outside North America A large proportion of the portfolio is on a lead basis. It is a very client specific product with tailored policies based on a detailed knowledge of client requirements. Catlin underwrites all types of financial institutions including but not limited to: Commercial banks Building societies Mortgage lenders Stockbrokers Insurance companies Credit card companies Contact details for the Professional & Financial Risk & Motor team: underwriting@catlin.com Tel: +44 (0) Fax: +44 (0)

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22 Claims Management Catlin continues to be an acknowledged leader in claims management. Catlin s claims philosophy is to protect the interests of policyholders through the handling of claims swiftly and fairly. Catlin believes that this philosophy best serves policyholders as well as Catlin itself. Whilst many other insurance carriers operate their claims functions on a stand-alone basis, Catlin believes one of its key differentiators is the integration of its claims management staff with underwriting and actuarial functions. Working in parallel leads to shared information and insight, which benefits policyholders. Recognising that effective claims management attracts and retains profitable client relationships; Catlin focuses its claims services around the following principles: Advisor management procuring the best outcomes through the management of long-term relationships with outside advisors, including claims adjusters and attorneys Case management adopting a proportionate approach to those issues which matter most, peer review and adherence to management philosophies and procedures to achieve outstanding outcomes and reserve accuracy Service adopting behaviours and attitudes to attract and retain business through service excellence Process discipline designing proportionate processes to enable both flexibility and control of risk Continuous development continually improving staff skills and knowledge through personal, technical and legal training Catlin s claims capabilities are organised with claims teams in each underwriting hub worldwide (see Chart 1). These teams report to the Group Claims Director, and the claims professionals within each underwriting hub adhere to an agreed set of Catlin core practices and philosophies. In most instances the Group outsources the handling of high-volume, low-value claims, subject to rigid service standards. Large, volatile claims are handled by Catlin s own staff. Catlin s claims team comprised 113 employees at 31 December 2009 (2008: 98). Chart 1: Claims employees by location at 31 December 2009 UK - 66 US - 23 Bermuda - 3 Europe - 11 Asia-Pacific - 5 Canada - 5 Catlin s London claims team, which accounts for approximately 60 per cent of the Group s claims personnel, continued to win accolades for its high levels of service. The London claims team continued in 2009 to be ranked as providing the best claims service in the London market by brokers surveyed by Gracechurch Consulting (see Chart 2). The team also was named Claims Team of the Year in the 2009 London Market Awards sponsored by the daily insurance newspaper Insurance Day. Chart 2: London insurers recommended for claims service Catlin Company B Company C Company D Company E Company F Company G Company H Company I Company J 15% 13% 11% 10% 9% 8% 8% 7% 5% 31% Question: Which two insurers would you currently highly recommend to clients based on the quality of claims services to brokers? Source: Gracechurch Consulting

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24 Catlin Global Bermuda Cumberland House 6th Floor 1 Victoria Street Hamilton Bermuda HM 11 Telephone: Fax: United Kingdom 3 Minster Court Mincing Lane London EC3R 7DD United Kingdom Telephone: +44 (0) Fax: +44 (0) Europe Kranhaus 1 Im Zollhafen Köln Telephone: +49 (0) Fax: +49 (0) Canada 36 Toronto Street Suite 1120 Toronto, Ontario M5C 2C5 Canada Telephone: Fax: Asia Pacific One George Street #16-04/05 Singapore Telephone: Fax: United States 3340 Peachtree Road N.E. Tower Place 100, Suite 2950 Atlanta, GA USA Telephone: Fax: Catlin.com