A.M. Best Company has upgraded the financial strength rating of Catlin Specialty Insurance Company Inc. to "A" (Excellent) from "A-minus" and given a rating of "A" (Excellent) to Catlin Insurance Company Inc.

Both companies are part of Catlin U.S., the Bermuda-based Catlin Group's U.S.-based underwriting platform.

Stephen Catlin, chief executive of Catlin Group Limited, said, "A.M. Best's affirmation of the companies' financial strength is a key step in the continuing development of Catlin U.S."

In its Friday announcement, A.M. Best said the ratings "reflect the solid risk-adjusted capitalization of both companies." But Best said the outlook for the ratings is negative due to the negative outlook assigned to Catlin Insurance Company Ltd. of Bermuda (Catlin Bermuda), the parent of both U.S. insurers.

In addition, Best said offsetting positive factors were the challenges inherent in any start-up operation.

Both CSIC and CIC will offer medical malpractice, inland marine general liability and professional liability insurance products.

CSIC's strategic focus will be on writing surplus lines business within the U.S. domestic market, which Best noted was seen as complementary to the group's U.S.-based surplus accounts written by Lloyd's Syndicate 2003. CIC will write similar business in the admitted market.

Special Reports /

Catlin Gets A.M. Best Upgrade

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