Catlin gross written premiums up 11 percent

The Catlin Group has reported an 11 percent rise in its gross written premiums for 2011, in comparison with a rise of 10 percent in 2010.

The groups’ non-London/UK hubs also reported a 24 percent increase in gross written premiums. However net income before tax was down in 2011 to $71 million from $406 in 2010.

Reflecting on these results, Stephen Catlin, chief executive officer of Catlin Group Limited, said that he believed that Catlin’s structure is designed to perform in ‘all phases of the market cycle’.

“Market conditions are improving, especially for catastrophe-exposed business classes for which rates increased by 9 per cent at 1 January 2012 renewal,” he says.

“Whilst it may be too early to declare that the market has turned, nearly all signals are encouraging.”