Catlin, the largest syndicate in Lloyd’s of London, has become the latest insurer to be hit by the sub-prime mortgage lending crisis. Daily Telegraph
The FTSE 250 company said following a review of all individual sub-prime related securities in its investment portfolio, it would take a total charge of $75m (£36m). 85% was made up of collateralised debt obligations.
Finance director Chris Stooke described this as a 'very small' sum, considering the group’s whole investment portfolio is worth $5.85bn. But he said: 'We wanted to be prudent... We do not want any more costs and do not expect to have any more.'