AM Best Affirms Ratings Of Catlin Insurance
A.M. Best Europe Rating Services Limited has affirmed the financial strength rating [FSR] of A [Excellent] and issuer credit ratings [ICR] of “a” of Catlin Insurance Company Limited [CICL] [Bermuda], Catlin Insurance Company [UK] Ltd. [Catlin UK] [United Kingdom] and Catlin Re Switzerland Ltd. [Catlin Re] [Switzerland].
A.M. Best also has affirmed the ICRs of “bbb” of Catlin Underwriting [CU] [United Kingdom], a non-operating holding company and Catlin Group Limited [CGL] [Bermuda], the ultimate parent company of the Catlin group.
Concurrently, A.M. Best has affirmed the debt ratings of “bbb” on USD 600 million preferred stock issued by CICL as well as “bbb-” on USD 27 million subordinated floating rate notes and EUR 7 million subordinated floating rate notes issued by CU. The outlook for all the above ratings remains stable.
The FSR of A [Excellent] and ICR of “a+” of Lloyd’s Syndicate 2003 [United Kingdom], which is managed by Catlin Underwriting Agencies Limited, remain unchanged following the rating actions taken on July 19, 2013, on the Lloyd’s market. At that time, the outlook for both ratings was revised to positive from stable. However, due to an administrative error, these rating actions were not released until July 22, 2013. The ratings of Lloyd’s Syndicate 2003 reflect the financial strength of the Lloyd’s market, which underpins the security of all Lloyd’s syndicates.
