Gavin Anderson handed Catlin flotation contract

Insurance and reinsurance group Catlin has hired Gavin Anderson (GA) to handle its upcoming flotation on the London Stock Exchange.

GA chief executive Neil Bennett and MD Liz Morley are handling financial communications for the flotation which could make Catlin the largest quoted pure insurance company.

GA is working solely on the flotation of Catlin following a competitive pitch. Other quoted insurance companies, such as Aviva, are involved in activities such as fund management.

It is thought that after the listing, Catlin’s market capitalisation will be up to £800m. The exact proportion of the business to be floated has yet to be decided, but a figure of 25 per cent has been mooted.

Bennett and Morley report to Catlin chief executive Stephen Catlin, who started the business with Catlin Underwriting Agencies in 1984 to run the newly formed Lloyds Syndicate 1003. The original syndicate had the capacity to underwrite just £5m worth of business. By the end of 2002, the group had written premiums totalling £96m.

Catlin Underwriting Agencies now manages Lloyds Syndicate 2003, which was started in 1996, and 1003.

Catlin’s decision to float has been motivated by the need to fund further growth of the business, which has expanded aggressively.

The Catlin group now operates in London, Bermuda, Glasgow and Singapore. The group also has several offices in the US.

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