ANALYST VIEWS | CAN CATLIN CONTINUE TO GROW AT THE EXPENSE OF ITS SMALLER RIVALS?

MARCUS BARNARD ORIEL SECURITIES
An impressive set of results. Catlin offers exposure to the sector at a low valuation, strong top-line growth and improving credibility with investors, all of which point to further stock outperformance.

JOY FERNEYHOUGH ESPÍRITO SANTO
Catlin’s commentary on the rating environment appears slightly more bullish than peers. If they can convince on this and drive attritional loss ratio improvement, then we believe the stock could see some upgrades.

MARTYN KING EDISON INVESTMENT RESEARCH
A good underlying underwriting result. Unlike Beazley and Hiscox we do not see room for a capital return in the second half of 2012, expecting Catlin to focus on growing volume in its international network.