Reward at Catlin
We think it is important to say that working at Catlin is about so much more than the value of the pay package. The overall positive culture, the opportunities available, and the excitement of being part of a successful and growing global business are what we believe makes us special, and what gives us a unique edge in the pay and benefits we can offer to our people.
Competitive pay and benefits
The insurance industry is extremely competitive when it comes to recruitment and so Catlin views people retention as a vital component for success. In addition, it’s important to us that our people want to work for Catlin.
Our competitive pay and benefits framework underpins our corporate vision of being “the preferred global specialty insurer and reinsurer based on underwriting and claims excellence, delivered by outstanding people”.
Recognizing that our business is based on the performance of our people, we provide a competitive and attractive compensation package, regardless of where in the world our people are based.
Sharing in Catlin’s performance
We are committed to enabling our people to benefit from strong Company results. Our salaries are competitively positioned in our various global markets, and everyone is eligible to participate in the Group’s annual bonus scheme. This is directly based on company results, and enables people across the organization to share in the success of the business, and to be recognized for their contribution towards our performance.
In 2008 we launched all-employee share plans, which are now implemented across our seven largest markets. As the Company expands we expect to roll these out further across our international offices. Such was the success of the international launch of our Sharesave plan that it was recognized externally in 2009 by ‘ifs ProShare’ as being the Best International Share Plan (for companies with less than 1,000 companies outside the UK).
Global programs and structure – locally applied
While we operate a global bonus scheme and, for more senior people, a global performance share plan, we also recognize the diversity and local practices of each market in which we operate. Benefits offered to our people therefore differ by country. In light of our recent significant growth and expansion we are continually reviewing our benefit offerings to ensure that we are giving superior levels of financial and well-being protection (through retirement, life assurance and medical schemes), as well as attractive and comprehensive benefits that support our target position of being an employer of choice in our respective market places.