Everest Re and Lloyd’s names join China Re in reinsuring Syndicate 2003
Catlin has attracted further third-party capital from Everest Re and Lloyd’s names, chief executive Stephen Catlin revealed yesterday.
The new capital providers join China Re, which has agreed to put up £50m to capitalise a new special-purpose syndicate, launching in 2012.
The Lloyd’s names will provide £60m capital on a two-year rolling contract, while Everest Re will provide £26.9m. Insurance Times understands two further special-purpose syndicates will be established to receive the capital from these two new sources.
Catlin plans to announce the final details of the new deals in a week’s time, Stephen Catlin told analysts at yesterday’s investor day.
The new deals will bring the total third-party capital available to Catlin in 2012 to £137m. The three new special-purpose syndicates will all reinsure Catlin’s existing syndicate, 2003.
Catlin also revealed that as part of its deal with China Re, it will take on five China Re employees for the next five years to give them experience of how Lloyd’s works.