13 November 2014 News

Catlin confident about future

Re/insurer Catlin has posted a strong nine months as it enjoyed growth in most business lines and its chief executive officer remains confident about the future.

Its gross written premiums (GWP) increased by 11 percent to $4.8 billion for the first nine months of 2014, compared with $4.4 billion for the first nine months of 2013.

GWP increased in the London, the US and international regions, with increases of 11 percent, 10 percent and 17 percent respectively. Its Bermuda region saw stable GWP.

The majority of Catlin’s business lines saw growth in GWP with particularly notable increases in property (19 percent), energy/marine (13 percent) and reinsurance (11 percent).

Catlin said the increase in GWP by the reinsurance product group is attributable in part to the multiyear contracts underwritten during 2014 along with the continued growth of Catlin Re Switzerland.

Total cash and investments amounted to $9.5 billion at September 30, 2014, a 4 percent increase compared with $9.1 billion at September 30, 2013.

Stephen Catlin, chief executive, said: "Catlin continues to perform well across the business. Gross premiums written are rising in accordance with our business plan, with continued strong growth from our US, European, Asia-Pacific and Canadian hubs.

"The group incurred two catastrophe losses and three large single-risk losses during the third quarter, including the two aviation-related losses on which we commented in the first-half results announcement. Despite these events, aggregate catastrophe and large single-risk losses are still below expectations for the nine-month period.

"Rating levels are still adequate for most classes of business, and rates across our entire portfolio decreased by 2.9 per cent during the nine-month period.  We still firmly believe that our highly diversified portfolio - both by underwriting hub and by class of business - provides Catlin with significant advantages during a period of decreasing rates in wholesale markets.

"Catlin has built an underwriting infrastructure capable of producing solid results over the long term across all types of market conditions. We continue to look ahead with confidence."

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