CATLIN GROUP APPOINTS BANK ADVISERS AHEAD OF FLOTATION

Bermuda-based insurer Catlin Group, which writes business in Bermuda and runs Syndicate 2003 at Lloyd’s, is preparing to come to market within “the next few weeks”, reports the Financial Times . Catlin has appointed JP Morgan, Goldman Sachs and UBS as its advisers, the newspaper said, noting that the insurer declined to comment on the report. Catlin recently sought approval from the UK regulator to establish a UK branch office of its Bermuda operation. The group currently writes about 25% of its business outside Lloyd’s, but plans to increase this to 50% by 2007. Started by its chief executive Stephen Catlin 20 years ago with a paid-up capital of just £25,000, Catlin is expected to be capitalised at between £700m and £800m. This would be nearly double the value of the most recent significant insurance flotation, Bermuda-based Alea’s last November, which was capitalised at £433m.