Catlin achieves record profits
International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced its results for 2009.
The firm saw a spectacular bounce back to the black, having incurred a loss of US$13m in 2008, Catlin achieved recorded pre-tax profits of US$603m in 2009.
This follows on from the firm’s Q3 2009 results, when it achieved record income on both pre-tax and net bases ($240m and $110m respectively).
Return from net tangible assets rose from -3% to 33%, and return on equity rose from -2% to 24%.
Chairman Sir Graham Hearne hailed the results as excellent as the firm celebrates its 25th year anniversary.
Chief Executive Officer Stephen Catlin added that the firm had achieved a major milestone with non-London underwriting hubs comprising almost 40% of the firm’s underwriting contribution.
Chief Executive Catlin added that whilst the investment environment remained challenging, he foresaw a steady increase in underwriting, as the firm’s international underwriting hubs continue to mature.
Category: Financials, Insurance News
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