The Catlin Group has formed a new German subsidiary, Catlin GmbH, to be based in Cologne.
Catlin GmbH, which will begin operations on 1 January, will operate as a Lloyd's coverholder and underwrite business on behalf of Syndicate 2003, as well as other Lloyd's Syndicates. Syndicate 2003 is managed by Catlin Underwriting Agencies.
Catlin GmbH will initially underwrite cash in transit and other specie business, said Catlin.
Ronan Gerety and Norbert Hasbach will manage the new subsidiary. Previously, both Gerety and Hasbach worked for Gerling Industrial Insurance Company in Cologne with responsibility for cash in transit and specie business.
Catlin GmbH will be the group's first office in continental Europe, said Paul Jardine, chief executive of Catlin Underwriting Agencies.
He said: "We believe that the business to be written by Catlin GmbH will complement the existing book of specie business underwritten by Syndicate 2003, which is recognised as one of the leading specie underwriters at Lloyd's.
