Catlin has confirmed it is to float on the London Stock Exchange, a move strongly rumoured to be on the cards for the past month.
It said it intended the IPO to be completed in April 2004, with common shares in Catlin to be sold to institutional investors in the UK and internationally.
The offering will comprise $200m of primary common shares issued by Catlin, and an additional amount of secondary common shares sold by investors that are existing shareholders of the company.
It said proceeds from the new common shares issued by Catlin would be used to support the group’s underwriting and for general business purposes.
Catlin underwrites through Lloyd’s Syndicate 2003, Bermuda-based Catlin Insurance Company, and the UK branch of CICL.
Goldman Sachs International, JP Morgan and UBS Investment Bank are acting as joint global co-ordinators, joint bookrunners and joint sponsors to Catlin in connection to the IPO.
Cazenove is co-broker to the company and a co-lead manager. The other co-lead managers involved in the flotation are ABN AMRO Rothschild, Citigroup Global Markets, and Fox-Pitt, Kelton.
