Business Services Industry
Catlin Group offers $1.01 billion for Wellington Underwriting; Deal one of many acquisitions in the London market.(International News)
Business Insurance, November, 2006 by Collins, Stuart
Byline: STUART COLLINS LONDON-Hamilton, Bermuda-based Catlin Group Ltd. is set to become one of the largest players at Lloyd's of London, following its 532 million pounds ($1.01 billion), offer to acquire Wellington Underwriting P.L.C. The deal is one of several recent acquisitions in the Lloyd's market, including the announcement late last week that Cathedral Capital P.L.C.
will be acquired by investors for about 113 million pounds ($214.6 million). If Catlin's acquisition of Wellington goes ahead, Catlin will be one of the largest managing agencies at Lloyd's of London. The combined company would be responsible for about 1.2 billion pounds ($2.28 billion) of Lloyd's capital in 2006. Currently, Amlin P.L.C. tops the ranking of largest insurers in the...
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