Catlin Report 12% Rise In Gross Premiums
Bermuda-based Catlin Group Limited, the international specialty property/casualty insurer and reinsurer issued its interim management statement for the period ended 31 March 2012.
Commenting on the Group’s performance, Stephen Catlin, Chief Executive of Catlin Group Limited, said, “Catlin performed well during the first quarter of 2012, thanks to continued growth in gross premiums written and the absence of catastrophe losses. Nearly all areas of the business continue to grow, including our US and International underwriting hubs.
“It is gratifying that the market is heading in the right direction for nearly all classes of business after last year’s unprecedented series of catastrophe losses. I am also pleased to report that rates for Japanese reinsurance renewals at 1 April were slightly ahead of our expectations. We expect market conditions to continue to improve as the year progresses.
“Finally, I would like to thank Sir Graham Hearne for his many contributions to Catlin whilst serving as the Group’s Chairman for the past nine years. We will all miss his counsel, charm and experience. On behalf of the Board and Catlin’s employees, I wish Sir Graham well in his future endeavours.
“John Barton succeeded Sir Graham as the Group’s Chairman following yesterday’s Annual General Meeting. John brings with him a wealth of experience at the top levels of companies in the insurance industry and other sectors, and we at Catlin look forward to working with John to continue to build a business for the future.”
Highlights at 31 March 2012
- 12 per cent increase in gross premiums written
- 54 per cent of total gross premiums written by non-London/UK underwriting hubs
- Average weighted premium rates for catastrophe exposed business increased by 10 per cent; average weighted premium rates across entire portfolio increased by 4 per cent
- No catastrophe losses incurred during first quarter
- 0.6 per cent year-to-date total investment return
- Investment portfolio remains liquid and defensively positioned
