Catlin Group Ltd. in Bermuda announced that losses from recent hurricanes will total $200 million, it has lost $118 million on fixed income investments, and its holdings in bankrupt Lehman Brothers totaled $11 million.
Stephen Catlin, chief executive officer of the firm, said the unparalleled financial events of this year will prove to be a market-turning experience and he believes ratings will begin to improve as capital leaves the insurance marketplace.
"The unprecedented events of this year, including the instability in international financial markets, have presented the group with both challenges and opportunities," said the CEO of the Bermuda-based international specialty property-casualty insurer and reinsurer.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
