Catlin Group, a Bermuda-based specialty insurance and reinsurance company, has formed a partnership with China Reinsurance (Group) to establish a special purpose syndicate at Lloyd's of London.
As per the arrangement, subject to Lloyd’s approval, China Re will provide the capital for GBP50m capacity syndicate 2088, which will be managed by Catlin Underwriting Agencies and the syndicate will begin writing business from 1 January 2012.
Catlin Group CEO Stephen Catlin said that this alliance will create a new Lloyd’s special purpose syndicate, which will provide reinsurance support that will allow Catlin to take greater advantage of emerging improvements in many business classes without the need to increase capital.
China Re Group chairman Li Peiyu said setting up Syndicate 2088 and their alliance with Catlin will be a milestone in China Re’s international strategy.
"This new venture will not only help us to gain a better knowledge of Lloyd’s and benefit from its worldwide network, but it will also increase China Re’s experience of international reinsurance operations and management and help build a foundation for China Re to grow into an important player in the world reinsurance market," added Peiyu.