Catlin buys Wellington
Lloyd's underwriter Catlin, domiciled in Bermuda, is set to takeover Wellington Underwriting and cre...
Lloyd's underwriter Catlin, domiciled in Bermuda, is set to takeover Wellington Underwriting and create the largest single underwriting agency at Lloyd's.
The offer values Wellington's shares at 121 pence and the issued share capital of Wellington at £591m. Wellington shareholders will own approximately 34% of the enlarged group. The acquisition will create a specialty and property casualty insurer of around $2.4bn (£1.3bn) gross written premium and a market capitalisation of £1.3bn.
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