Catlin has posted a net income of $19.7m for 2005. This represents a fall of 87% on the previous year, largely due to a $335.5m loss from the three major hurricanes, Wilma, Rita and Katrina.
The group's gross written premiums decreased from $1.43bn to $1.39bn, but net written premiums were up from $1.16bn to $1.22bn.
Catlin's combined operating ratio was 103.1%, compared with 89.4% in 2004.
Despite the losses as a result of the unprecedented hurricane activity, Catlin's chief executive, Stephen Catlin, said: "Catlin's performance during 2005 demonstrates the strength of the group's strategy and the advantages offered by our operating structure and diversified portfolio of business.
"Our strong capital base has remained intact despite a very tough 2005; we are now increasing our capital and improving our debt structure to take maximum advantage of growth opportunities in 2006 and beyond."
