Catlin premiums unchanged on year

by David Masters

Story link: Catlin premiums unchanged on year

Bermuda-based Catlin Group Ltd. has announced its first quarter results, with gross premiums written unchanged on year at $1.2 billion.

The Lloyd’s insurer also reported a slight rise in net premiums, up to $0.8 billion compared to $0.7 billion for the same period last year.

The results were slightly below company expectations, and are projected to improve throughout the rest of the year.

Catlin said that competition has increased for most classes of business that it underwrites, and that claims activity had increased on year. As such, it was pleased to retain the same level of premiums.

The company added that losses during the first quarter are to be expected.

Catlin recently acquired Wellington Underwriting Plc, a move that the company hopes will boost profitability.