Lloyd’s insurer plans “alternative methods” of servicing UK regional business
Catlin is making a number of job cuts across its regional branch network and is reviewing how it services its regional UK business, Insurance Times has learnt.
The news was broken on a video call by chief underwriting officer Richard Clapham on Friday, according to sources.
They were asked to stay away from the offices and not to contact brokers during the redundancy consultation.
More than 10 staff members are understood to be affected.
A Catlin spokesman said: “We’re currently considering alternative methods of developing and servicing our UK regional business. All this business, while it represents a small proportion of Catlin’s premium volume, is important to us and we do remain committed to servicing and developing this portfolio of speciality insurance products for UK regional clients.”
Its UK regional business comprises less than 1% of its total $5bn (£3.3bn) gross premium.
Catlin’s network of offices outside London comprises Glasgow, Leeds, Birmingham, Hitchin, Tonbridge and Ipswich. The back office support roles in Ipswich are understood to be unaffected by the cuts.
Its managing general agency, Angel Underwriting, which it bought in 2010, is based in Colchester.
Catlin’s UK and London underwriting hub wrote $2.5bn of gross premium in 2012. This includes London market wholesale business as well as UK regional business. The group wrote $5bn of gross premium.
Catlin’s UK business started underwriting in 2005 as a branch of Catlin Bermuda.
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