ICAT Establishes Syndicate at Lloyd’s of London

December 1, 2006

ICAT Holdings LLC announced the creation of a new underwriting syndicate at Lloyd’s of London, designated as ICM Syndicate 4242, to support the company’s underwriting of catastrophe-exposed properties throughout the United States. ICM Syndicate 4242 will commence underwriting business on Jan. 1, 2007.

“Our entry into the Lloyd’s market is a testament to our employees’ almost decade-long work to build a disciplined and successful catastrophe underwriting business,” said Jack Graham, Chief Executive Officer of ICAT Holdings.

Syndicate 4242 has capital to support approximately $200 million of gross written premium for its 2007 business plan. Through a Lloyd’s Coverholder Agreement, ICAT Managers has binding authority to underwrite and manage the company’s existing core business on behalf of the syndicate. Capital has been supplied through a consortium made up of ICAT and third-party investors, including Chaucer Holdings PLC, whose managing agency subsidiary, Chaucer Syndicates Ltd., will act as the managing agent for Syndicate 4242 to provide operations and regulatory support. Chaucer is a leading Lloyd’s Managing Agent with approximately 1 billion pounds Sterling under management.

ICAT’s Gregory Butler is the Active Underwriter of Syndicate 4242. Butler has held several underwriting positions at ICAT and was previously deputy insurance commissioner in the California Department of Insurance and served as the founding CEO of the California Earthquake Authority.

Benfield Advisory (a wholly owned subsidiary of the Benfield Group) and Clyde & Co. acted as advisors to ICAT in the transaction.

ICAT is a Boulder, Colo.-based specialty insurance underwriter of small and middle market commercial properties that are located in catastrophe-exposed regions of the Untied States.

Source: ICAT Holdings LLC

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