Catlin’s profits rise 60%

Bermuda-based Catlin Group has announced rising premiums and pre-tax profits up 60% for its first half of 2009.

Financial Highlights (2008 in brackets)

• Gross premiums written $2,217,097 ($2,075,070)
• Net premiums written $1,772,692 ($1,461,426)
• Net premiums earned $1,297,823 ($1,263,444)
• Net underwriting contribution $246,177 ($309,894)
• Net investment return $195,022 ($53,941)
• Net income before income taxes $239,771 ($150,206)
• Combined ratio 96.0% (90.9%)

Stephen Catlin, chief executive, said: “Catlin performed strongly during the first half of 2009, producing record pre-tax profits and net income for the period as well as a 25% return on net tangible assets. In the light of this performance, the Group has increased the interim dividend by 9%.

“We are now benefiting from our investment in Catlin US and the international office network, which provided meaningful contributions to our success during the first half. In addition, we were assisted by a significant improvement in investment return during the period, which compensated for a higher than usual frequency of large single-risk losses.”

Finance director to quit

Catlin said: “Christopher Stooke, who has been Catlin's chief financial officer and an executive director since 2003, will step down at the end of the month. I want to thank Chris for his dedication and his many contributions to Catlin and wish him success for the future. Benjamin Meuli, who was appointed as a director on 30 June 2009, will succeed Chris as CFO.

“We look ahead with confidence. We believe that pricing for nearly all classes of business will continue to strengthen for the foreseeable future. Catlin is well positioned to grow - both in terms of premium volume and profitability - in this market environment.”