Catlin Underwriting Agencies is trying to buy out Names from one of its Lloyd's syndicates.

The plan is to buy out the private investors who provide £75m of capital for Syndicate 1003 .

Chairman Stephen Catlin confirmed the move, adding that the company is not anti-private investors, but is seeking to avoid any possible conflict between corporate and Names' capital. He is prepared to offer Names 43p for every £1 of capacity they hold.

A senior Lloyd's source told Insurance Times that this was "probably the best offer the Names will ever get".

If the company succeeds in buying out its Names, it then plans to merge Syndicate 1003 with its Syndicate 2003, funded by corporate capital.

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