The Bermuda-based Catlin Group Limited, which also does business in the U.S. and the Lloyd’s Market, has released an interim earnings statement, following the Company’s Annual General Meeting, indicating that its results were “in line with the outlook for 2008 provided by management at the Group’s preliminary results announcement in March.”
Gross premiums written during the first quarter of 2008 remained broadly constant at US$1.2 billion, while net premiums written increased slightly. “This reflects the reinsurance synergies achieved following the acquisition of Wellington Underwriting plc.,” the bulletin explained. “The Group’s individual operations performed largely according to plan. As expected, gross premiums written in London were approximately 8 per cent lower than in the first quarter of 2007, reflecting the challenging market environment.
“Catlin Bermuda reported modest premium growth. Excellent growth was reported by Catlin’s international offices, particularly its European offices. Premiums underwritten by Catlin US during the first quarter were slightly below expectations, although the volume of premium underwritten by Catlin US is expected to increase as the year progresses.”
Chief Executive Stephen Catlin commented: “We are pleased with Catlin’s performance during the first quarter. Premium volume and rate adequacy met management’s expectations, despite increasing competition across our portfolio of business. Whilst loss incidence increased during the quarter, losses were within our expectations, and our underwriting result has benefited from the reinsurance synergies provided by the Wellington acquisition.
“We look ahead to the remainder of 2008 with confidence. Whilst we expect that average weighted premiums rates will continue to decrease absent a catastrophic event, margins for most classes of business should remain good. We are encouraged by the growth in business underwritten by our international offices and the continued development of Catlin US. We also will continue to benefit from the embedded growth emerging from the Wellington acquisition as well as the more than US$125 million in annual synergies expected to arise from the transaction.”
Source: Catlin Group – www.catlin.com
Topics Trends USA Profit Loss
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