Catlin Group Ltd. Plans $200 Million IPO on London Stock Exchange

Strategic Insights -

Catlin Group Ltd., a leading international property and casualty insurer and reinsurer, is set to make its debut on the London Stock Exchange with an initial public offering (IPO) of $200 million in April 2004. The listing is a significant milestone for the company, which has reported strong financial performance in 2003, with a net income of $127 million and a 22.1% return on average equity. The IPO will provide Catlin with the necessary funds to expand its business and underwriting operations.

Key Takeaways:

  • Catlin Group Ltd. plans to raise $200 million through an initial public offering (IPO) on the London Stock Exchange in April 2004.
  • The company has reported a strong financial performance in 2003, with a net income of $127 million and a 22.1% return on average equity.
  • The 2003 combined ratio, which measures losses and expenses as a percentage of premiums, was 86.9%.
  • Total assets at the end of 2003 stood at slightly less than $2.4 billion, with shareholder equity at $639 million.
  • Catlin would use the money raised through the IPO for its overall business and underwriting operations.
  • The company operates Lloyd's Syndicate 2003, Bermuda-based Catlin Insurance Co. Ltd., and the U.K. branch of the Bermuda company.
  • Stephen Catlin, group chief executive officer, described the decision to seek a London Stock Exchange listing as "another milestone in the evolution" of the group.

Statistics:

  • $200 million: Amount raised through the IPO
  • $127 million: Net income reported by Catlin in 2003
  • 22.1%: Return on average equity for 2003
  • 86.9%: 2003 combined ratio
  • $2.4 billion: Total assets at the end of 2003
  • $639 million: Shareholder equity at the end of 2003

Sources:

  • A. M. Best via COMTEX
  • COMTEX (http://www.comtexnews.com)