Loucaides to head Catlin's Bermuda offshoot
The Catlin Group is set to establish a UK-based specialty lines insurer, subject to FSA approval.
Catlin refused to disclose details of the new insurer's capacity, but it is believed that it will write around £150m worth of business.
The new insurer will be the UK branch office of Catlin's Bermuda-based subsidiary Catlin Insurance Company Ltd (CICL).
Ex-PRI chief executive Andreas Loucaides will be chief executive, with former PRI chief operations director Richard Clapham becoming underwriting director.
Catlin denied that the establishment of the new insurer would result in the group pulling out of Lloyd's.
Catlin chief executive Stephen Catlin said: "This establishment of a UK branch of CICL is designed to increase the Catlin group's underwriting flexibility, to optimise the deployment of capital, and to give brokers and clients more options.
"It does not indicate any diminution in the Catlin Group's commitment to Lloyd's."
The UK branch of CICL is planning to write a range of specialty lines business, including professional indemnity (PI) and SME property lines.
Catlin said much of the business written by the UK branch of CICL would be written in parallel with Lloyd's Syndicate 2003, managed by Catlin Underwriting Agencies.
A Catlin statement said: "CICL-UK will develop further the [Lloyd's] syndicate's existing book of PI business."
But Catlin confirmed that the UK branch will write 100% of some classes on a stand-alone basis.
Loucaides spearheaded the formation of PRI, which specialised in writing PI business. He quit the insurer earlier this year following its takeover by Brit.
Clapham was responsible for PRI's broker relationships, underwriting and operational systems and reinsurance placements.
Catlin said: "Andreas Loucaides and Richard Clapham are the ideal persons to lead the launch of CICL-UK as they have a proven track record as insurance executives and underwriters, both at PRI and in the Lloyd's market."