Former XLCapital underwriter Rich Banas has been named as president and chief executive of Catlin Group Ltd.?s planned USoperation.

Bermuda-registered Catlin said Mr. Banas, formerly chief underwriting officer for XL Professional Lines, a division of XL Capital Ltd., will run the USoperation out of Houston. Catlin Insurance Co. Inc. is expected to gain regulatory approval to begin underwriting shortly.

Catlin said it would raise $150 million of subordinated debt in the first half of 2006 to support its underwriting.

The company posted net income of $19.7 million for 2005, down from $154.1 million in 2004, and raised ?38 million ($66 million) through a share issue on Thursday.

Catlin, which operates a Bermuda-based insurer, a UK insurer and a Lloyd?s of London operation, said its 2005 profits had been hit by net combined losses of $333.5 million from the three major hurricanes that hit the United States last year.

The company?s gross written premiums declined three percent to $1.39 billion.

Group CEOStephen Catlin, said this was due to disciplined underwriting and the decrease would have been greater had rates for certain classes of business not improved after the series of hurricanes late last year.

Catlin said excluding intra-group reinsurance, gross premiums underwritten by Catlin Bermuda increased by 16 percent to US$177.2 million in 2005 (2004: US$152.6 million). This was primarily attributable to growth in the property catastrophe portfolio, both as a result of increased demand following the 2004 hurricanes and reinstatement premiums received following the 2005 hurricanes.