Catlin reports half-year results

by Richard Kilner

Story link: Catlin reports half-year results

International specialty property/casualty insurer and reinsurer Catlin Group Limited has reported its half-year results.

Covering the six months up to 30 June 2008, the firm saw gross premiums up by 4% to $2.1bn, and unearned premiums soar by 32% to hit $2bn.

Average weighted premium rates fell by 5%, a lower decline than had been forecast which still affords profit potential in most areas of business.

Pre-tax profits were recorded at $150m, with the interim dividend rising by 6% to 8.6 pence (16.8 cents).

Commenting on the results, CEO Stephen Catlin, stated that he was pleased by the performance which has been bolstered by the continuing positive effects of a diversified underwriting portfolio and the acquisition of Wellington.

Catlin also said that the firm was taking a defensive stance to withstand the financially turbulent conditions, retaining relatively high cash and liquid assets.

The dividend rise of 6% was made as a sign of the firm’s confidence in the future, he explained.