Insurer's profits go on the slide
Lloyd's of London insurer Catlin posted a sharp slide in first half profits, hit by the BP oil spill in the Gulf of Mexico, record catastrophe losses and currency fluctuations.
Catlin said yesterday first half sales rose 11 per cent to $2.5bn but pretax profit fell by two-thirds to $86m in the first six months of the year from $240m a year earlier.
Losses and loss expenses surged 30 per cent to $1bn, primarily as a result of claims arising from the earthquake that hit Chile in February and the Deepwater Horizon loss. Interim dividend was still increased five per cent to 8.6p per share.