The Bermuda -based Catlin Group Limited has released its interim management statement as of Sept. 30, 2009, which shows significant gains in the Group’s operations.
The bulletin listed the following highlights for the period:
— 10 per cent increase in gross premiums written on a constant currency basis to $3.01 billion, compared to $2.858 billion in 2008.
— Continued strong growth from Catlin US and international offices. Catlin US gross premiums written were $429 million for the period, compared to $257 million in 2008, a 67 percent increase.
— 6 percent increase in average weighted premium rates across Group’s underwriting portfolio
— Benign third quarter in terms of losses
— 5.2 per cent year-to-date total investment return
– -22 per cent increase in cash and investments to US$7.52 billion
— Defensive asset allocation continues
Catlin also noted that its Lloyd’s of London Syndicate 2003, which specializes in a number of classes for specialty insurance and reinsurance, was the largest at Lloyd’s in 2008 based on gross premiums written of US$2.4 billion. Catlin also operates a life syndicate (Syndicate 3002) at Lloyd’s.
Chief Executive Stephen Catlin commented: “I am happy to report a good performance during the third quarter of 2009. Our underwriting operations have performed well, as there were no catastrophes during the quarter and a low incidence of large single-risk losses. Our investment portfolio continued to produce strong results, although it is clear that our year-to-date investment performance is not sustainable over the long term.
“Rates continued to increase across our overall book of business, providing good margins in nearly all classes of business. Earnings from Catlin US and our international offices also increased, and we fully expect continued, profitable growth from these two operations.
“We continue to look ahead with confidence. Whilst the market’s good performance during 2009 means that conditions may be challenging for some classes of business during 2010, we believe that Catlin remains well-positioned to grow, both in terms of premium volume and underwriting profitability.”
The full statement may be obtained on the Group’s web site at: www.catlin.com
Source: Catlin Group
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