LONDON (Bloomberg) ? Bermuda-based Catlin Group Ltd. said the loss of 2007 underwriting revenue resulting from its acquisition of Wellington Underwriting Plc was ?significantly lower? than expected.

?We have been very encouraged during our important January 1 renewal season by our ability to retain quality business,? said the Catlin?s chief executive officer Stephen Catlin in a statement on Friday. Last October Catlin agreed to buy London-based Wellington for ?591 million ($1.15 billion) and anticipated a ?substantial loss of business? underwritten by Wellington.

Catlin raised $600 million to pay off debt used for the acquisition in one placement rather than an expected two because of ?very strong demand? from investors, the company said today.

The acquisition of Wellington will help Catlin, which provides coverage ranging from boats to nuclear reactors, accelerate its expansion plans in the US.

The insurer has received ?fewer than ten unplanned departures,? among 900 staff following the acquisition and has established incentive plans to help retain key employees, the company said. The departures are ?well within expectations and will have no material impact on our business going forward,? Catlin said.

A ?number of redundancies? were also made to help achieve its goal of $70 million in cost savings in 2008 from the deal. Integration of back office operations is ?on or ahead of schedule? Catlin said. Catlin declined to comment on the number of job cuts and whether Wellington finance director Katherine Letsinger and company secretary Heather Thomas may leave the company, as reported by Insurance Timeslast week.