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Member, Beacon International Group, Ltd.
HAMILTON, BermudaCatlin Group Ltd. said it has received acceptance from shareholders in Wellington Underwriting P.L.C. to allow it to buy the London-based company.
Hamilton, Bermuda-based Catlin, announced that Lloyd's of London had approved the cessation of Wellington's syndicate 2020, which will allow Catlin to enlarge its syndicate 2003.
The enlarged syndicate will have capacity of £1.3 billion ($2.6 billion) for 2007, making it the largest syndicate operating in the market, according to Catlin.
Catlin said the acquisition of Wellington would, in particular, boost its operations in the United States.