Cattolica bets on CattRe. The startup of the Cattolica Assicurazioni Group, dedicated to non-traditional risk lines, was recapitalised with 15 million euros to finance its development. Furthermore, it expects to close the 2020 financial year with strong growth in gross premiums written, equal to 84 million euros (compared to 42.5 million FY in 2019) and a positive net technical result of 5 million euros.
An ambitious project, unique in the European insurance landscape but which has made it possible to double premiums in one year, even in the one marked by the pandemic. And in line with the provisions of the company growth plans, the Group's Board of Directors has provided new resources for growth (15 million euro) to support the further development of CattRe SA, also abroad.
The Company relies on a group of Managing General Agencies (MGAs) with specialist skills focused on line of business articulated with a high capacity to create margins and with a premium volume that is growing further: Satec Underwriting, active in the sectors: Space, Aviation, Property & Construction, Casualty, Sport & Leisure, Environmental, Cyber, Global Re, Surety Bond, Financial Lines, Weather & Contingency.; Mediterranean Underwriting, focused on the Marine business in the Hull Yard, Yacht, Cargo sectors and center of expertise in the management of Specialty Lines claims for Group principals; Qubo Insurance Solutions, a company with a long experience in the Logistics and Transportation business lines; Aladdin, a newly established underwriting agency for the Travel & Mobility business lines; All Risks Solutions, a corporate vehicle now available for new initiatives under evaluation after, at the end of 2020, the Financial Lines business line of Satec Underwriting took over the management of the portfolio previously managed by the company.
“The current level of development achieved by the Specialty Lines and CattRe are a great success of the business diversification policy implemented by the Cattolica Group as part of its growth plan – declared Nazareno Cerni, Deputy General Manager of the Cattolica Assicurazioni Group and Chief Executive Officer of CattRe SA-. This operating model, unique in Italy and with few equals in Europe, allows us to respond quickly and dynamically to the needs of the non-traditional risk market. The results achieved and the trust that our partners place in us are a source of great satisfaction and push us to look ahead, towards new and more ambitious goals".
