Insurer refinances following Wellington acquisition...
In its latest trading statement, Catlin indicated that it has achieved a strong overall underwriting performance for 2006, which was largely catastrophe-free.
The Bermuda-headquartered property/casualty insurer and reinsurer added that its 2007 renewal season has been varied in terms of rate implications.
Catlin said that, while rates for catastrophe-exposed business are healthy, non-catastrophe-exposed classes are coming under pressure.
Despite this, Catlin's board was optimistic about the coming year and confirmed the integration of Wellington into the business is underway. Underwriting operations have been fully integrated, while financial and support functions are on track for the end of January.
Catlin is converting the $500m bridge facility it used for the Wellington acquisition via the debt capital markets.
Last month, rating agency AM Best kept Catlin's credit ratings under review as reports cited analyst fears about the large increase in debt gearing to finance the deal.
