Another upgrade courtesy of good ERM. What are you people waiting for? Call me already. Or forward this to your CFO.
Here’s the article from news-insurances.com:
Catlin Group Limited, the international speciality property/casualty insurer and reinsurer, has been rated to to ‘A’ from ‘A-’ from Standard & Poor’s Rating Services.
“The rating and assessment upgrades primarily reflect the improved financial profile of the Group,” Standard & Poor’s said in an announcement issued today. “The ratings and assessment also reflect Catlin’s strong competitive position, strong operating performance, strong capitalisation and strong enterprise risk management,” the announcement said.
Specifically, Standard & Poor’s noted that it had raised its assessment of Catlin’s enterprise risk management efforts to ‘Strong’. It said: “ERM is highly important to the ratings given Catlin’s expanding risk profile. The major factors supporting the assessment are a strong risk management culture, strong strategic risk management, and strong controls for insurance and reserving risk.”
Stephen Catlin, chief executive of Catlin Group Limited, said: “I am very pleased that Standard & Poor’s has increased its financial strength ratings of Catlin’s core subsidiaries to ‘A’ and has also upgraded its assessment of the Catlin Syndicate at Lloyd’s. In its commentary, Standard & Poor’s recognises Catlin’s strong capitalisation and operating performance, as well as our significant commitment to enterprise risk management.