Financial Services Industry
Industry: Email Alert RSS FeedBritish Insurer Starts Program
Global Finance, Nov 2004 by Platt, Gordon
EUROPE
Catlin Group, a UK-based property/casualty insurer, established a Level-1 American depositary receipt program in the US overthe-counter market.
Each ADR represents two Catlin common shares as traded on the London Stock Exchange.
Catlin selected Bank of New York as depositary.
The company writes more than 20 classes of business insurance, including professional indemnity and general liability. It has a Bermuda-based reinsurance subsidiary.
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Catlin says it already has a number of US shareholders, and the ADR program will raise its profile among US investors. -Gordon Platt
Copyright Global Finance Media Inc. Nov 2004
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