Catlin reports record pre-tax profits

by Richard Kilner

Story link: Catlin reports record pre-tax profits

International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced its results for the first six months of the year.

Pre-tax profits rose sharply by 60% to reach $240m, having achieved a pre-tax profit of $150m in the corresponding period in 2008.

Net income to common shareholders surged by even more, rising from $110m to $196m, an increase of 77%.

Annualised return on average equity was up from 9% to 18%, and the annualised return on net tangible assets rose from 13% to 25%.

Catlin Group’s chief executive, Stephen Catlin, described the results as a strong performance, adding that the firm had achieved record net income and pre-tax profits.

He went on to say that the firm was reaping the rewards of its recent investment in Catlin US and its international office network.

Catlin also paid tribute to outgoing chief financial officer and executive director Christopher Stooke, who is stepping down at the end of the month.