Catlin Group Ltd Announces Financial Results
Bermuda-based Catlin Group Limited on Friday [Aug 9] announced its financial results for the six months ended 30 June 2013.
Stephen Catlin, Chief Executive of Catlin Group Limited, said: “Catlin produced another strong underwriting performance during the first half of 2013.
“Our attritional loss ratio remains low, and our net underwriting contribution matched last year’s record amount, despite incurring nearly US$100 million in additional catastrophe claims in this year’s first half.
“Our global underwriting infrastructure continues to produce profitable growth. The share of our gross premiums written – and more importantly net underwriting contribution – produced by the non-London/UK underwriting hubs continues to grow. We see further promising opportunities ahead.
“Our reported investment performance suffered due to mark-to-market reductions in the value of our fixed income portfolio caused by rising interest rates. The decrease in profits before tax compared with a year ago is the result of these movements. Catlin’s investment returns will ultimately benefit from higher interest rates.
“We continue to benefit from our leadership position as we renew and retain business. That, along with our focus on fundamentals – disciplined underwriting and superior service to clients and brokers – will serve Catlin well in all types of market environments in the years ahead.”
