Rating agency A.M. Best Co has assigned an initial financial strength rating of A (excellent) to Catlin Insurance Company Limited (CICL), a newly-capitalised Bermudan insurer.
The agency said the rating "reflects the company's excellent initial capitalisation, access to business with a proven track record through the Catlin syndicates, its highly regarded management team and excellent expected financial performance".
On the other hand, it cited as offsetting factors "the need for Catlin Westgen Group to extend underwriting controls from its London-based underwriting operations to CICL in Bermuda, the challenge to the group from greatly increased business volume and competition from a number of Bermudan start up companies".
CICL was established in Bermuda in December 2000, although it has not actively traded to date.
The company is a wholly-owned subsidiary of Catlin Westgen Group, the Bermudan holding company of Catlin Underwriting Agencies Limited and Catlin Westgen Limited.
