Feb 10 Bermuda-based insurer Catlin Group Ltd
reported a 27 percent rise in full-year profit as net
premiums earned rose and it paid off lesser claims related to
Profit before tax rose to $432 million in the year ended
Dec. 31 from $339 million a year earlier.
Catlin shares rose as much as 4 percent in early trade on
Monday, making the stock one of the biggest percentage gainers
on the FTSE-250 midcap index.
Net premiums earned for 2013 rose 9.5 percent. Gross
premiums written rose 7 percent with net underwriting
contribution of about $1 billion, benefitting from investment in
underwriting hubs outside the London market. ()
Net underwriting contribution from non-London hubs was up 83
percent at $480 million.
Catastrophe losses, net of reinsurance and reinstatement
premiums, fell to $156 million in 2013 from $225 million a year
Catlin, the operator of the biggest syndicate in the Lloyd's
of London insurance market, remains optimistic amid industry
reports of very hard times in 2014 for insurers and reinsurers,
Chief Executive Stephen Catlin said in a statement.
"Whilst it is now clear that market conditions are becoming
increasingly competitive for many classes of business
underwritten by Catlin, margins are still strong," Chairman John
The insurer raised its annual dividend to 49.8 cents per
share from 46 cents per share.
Shares in Catlin were trading up 2.4 percent at 555 pence at
0816 GMT on Monday on the London Stock Exchange.