Catlin toasts 27pc profit rise to $432m

CATLIN, the Bermuda-based  insurer, reported a 27 per cent  rise in full-year profit as net premiums earned rose and it paid off lesser claims related to natural disasters.

By The Newsroom

Published 11th Feb 2014, 09:49 BST

Profit before tax rose to $432m in the year ended December 31 from $339m a year earlier.

Net premiums earned for 2013 rose 9.5 per cent. Gross premiums written rose 7 per cent with net underwriting contribution of about $1bn, benefitting from investment in underwriting hubs outside the London market.

Catlin, the operator of the biggest syndicate in the Lloyd’s of London insurance market, said it remains optimistic amid industry reports of very hard times in 2014 for insurers and reinsurers.

The insurer, led by Stephen Catlin, opened an office in Leeds in 2003.

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