Catlin buys a majority of Wellington shares خبر و گزارش

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catlin acquires majority stake in wellington Source: professional broking catlin, a Lloyd's insurer based in the bermuda islands, is set to take over the insurance operations of wellington and acquire the largest unique Lloyd's insurance agency. On this basis, catlin estimated wellington's issued share capital at 591 million pounds. This acquisition creates a property insurance business with gross written premiums of around 2. 4 billion dollars (1. 3 billion pounds). Regarding this proposal, preben prebensen, CEO of wellington, stated: The alliance with catlin accelerates wellington's planned entry into the bermuda market and facilitates a re-established relationship with third-party investors for us without recourse to other shareholders, and this move simultaneously creates a group alliance with specific, diverse, and deep talent to compete on a global scale. A catlin spokesperson said: Our lines of business complement each other. A larger business line is not necessarily better, but it is certainly stronger. catlin uk has six regional offices that interact with 100 to 150 brokers and most Lloyd's insurers. One of the catlin sources said that due to the duplication resulting from this change in ownership, some costs may no longer be necessary, as catlin believes more savings can be made under these circumstances. The news source added that it seems more likely this will happen in 2008 rather than this year, and furthermore, it does not include insurers. catlin has stated that this could lead to annual cost savings of 70 million dollars, which includes savings in tax and reinsurance costs.