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Lloyd's insurer confirms offer talks with rival; Bid for Wellington could create largest managing agency.(International News)
Business Insurance, October, 2006 by Collins, Stuart
Byline: STUART COLLINS LONDON-Lloyd's of London insurer Wellington Underwriting P.L.C. said last week that it is in discussions with rival Catlin Group Ltd. over a possible takeover bid by Catlin. A combination of the two companies would create one of the largest managing agencies at Lloyd's, based on 2006 capacity.
Wellington provides some [pounds sterling]532 million ($914.4 million) of capital for 2006, while Catlin provides [pounds sterling]450 million ($773.5 million), according to a Lloyd's spokesperson. Lloyd's total capacity in 2006 is [pounds sterling]14.80 billion ($25.44 billion), with Amlin P.L.C. topping the ranking of largest insurers in the market with [pounds sterling]1.00 billion ($1.72 billion) in capacity. In a statement, Wellington...
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