First Half 2011: Catlin Reports $201M Loss
Bermuda-based re/insurer Catlin Group Ltd reported its financial results for the six-month period ended 30 June 2011 today [Aug.4].
Chief Executive of Catlin Group Limited, Stephen Catlin [pictured] said: “The unprecedented series of natural catastrophes during the first half of 2011 caused the Group to report a loss before tax of US$201 million. However, Catlin’s underlying performance during the period was strong. ”
“The attritional loss ratio – which excludes catastrophe and large single-risk losses – decreased to 50 per cent, the lowest in five years, reflecting Catlin’s portfolio management skills during a period of rate competition for most classes of business.”
“In addition, our US and International underwriting hubs continued to grow significantly and produced positive underwriting contributions.”
“Rates for Property Treaty reinsurance increased significantly during 1 June and 1 July renewals, and we are already seeing evidence that rates for primary Property insurance are hardening.
“Our multiple hub structure, diversified portfolio and disciplined approach to underwriting will allow Catlin to prosper in the current market environment and put us in a good position to take advantage of opportunities whenever and wherever they occur worldwide.”
“Those factors, together with the protection provided by our Catastrophe Aggregate reinsurance programme, give us confidence for the second half of 2011 and beyond. Accordingly, we have increased the interim dividend by 5 per cent to 9.0 pence per share.”
The full 39-page report is below, click ‘Fullscreen’ for greater clarity:
