Catlin Group Reports $231M First-Half Profit
Bermuda-based Catlin Group Limited Catlin reported pre-tax profit of $231 million for the six months ended 30 June 2012.
Stephen Catlin, Chief Executive of Catlin Group Limited, said: “Catlin produced excellent financial results for the first six months of 2012, including a record underwriting contribution and strong profits before tax.
“Our business continues to grow, with the London/UK underwriting hub producing meaningful growth for the first time in five years along with a good performance from the rest of the business.
“The rating environment continues to be favourable, as average weighted premium rates across the portfolio increased by 5 per cent during the first half of 2012. Rates for catastrophe-exposed business classes continue to increase, and we are seeing positive momentum for other classes, including US Casualty business.
“Catlin’s focus on underwriting discipline and flexible capital structure puts us in a solid position to take advantage of opportunities as they arise in the second half of the year and beyond.”
