Catlin Purchases Blue Ridge Insurance
The Bermuda-based Catlin Group , announced today [Jan. 18] that it has purchased Blue Ridge Insurance Company [BRIC] from QBE Insurance Group.
BRIC is a Wisconsin-domiciled admitted insurer and a wholly owned subsidiary of General Casualty Company of Wisconsin.
BRIC was purchased by Catlin Inc., a US subsidiary of CGL, as a shell business. Under terms of the purchase agreement, all business previously written by BRIC will be retained by QBE and all existing liabilities have been reinsured by GCW.
Commenting on the purchase, Stephen Catlin, chief executive of Catlin Group Limited — an international specialty property/casualty insurer and reinsurer headuartered in Hamilton said: “This purchase further demonstrates our commitment to the US marketplace and will strengthen our position in this important region.”
Richard S. Banas, president and chief executive officer of Catlin US, added: “The addition of a second admitted insurer to our US operations will improve our ability to meet the needs of our growing customer base. Catlin’s US-based insurance companies have quadrupled in size over the last four years and this purchase will help facilitate future growth in this key part of our business.”
Catlin incorporated a holding company in Bermuda, originally called Catlin Westgen Holding Limited and later renamed Catlin Group Limited, in 1999. Catlin was the first of the traditional Lloyd’s of London managing agents to establish a holding company on the island, a strategic move later imitated by several of its peers
The sale has been approved by the insurance commissioner of Wisconsin. Catlin will rename BRIC as Catlin Indemnity Company and expects to begin writing business through this company in the second quarter of 2011.
In 1999, Catlin incorporated a holding company in Bermuda, originally called Catlin Westgen Holding Limited and later renamed Catlin Group Limited. Catlin was the first of the traditional Lloyd’s of London managing agents to establish a holding company in Bermuda, a strategic move later copied by several of its peers
Catlin US, headquartered in Atlanta, encompasses all of the Catlin Group’s operations based in the United States. Catlin US underwrites a wide variety of specialty property/casualty insurance and reinsurance products from a network of 17 offices throughout the country
