Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 11th of December 2018
March 7, 2008

2007 a record year for Catlin

by David Masters

Story link: 2007 a record year for Catlin

Catlin Group Limited has reported its results for 2007. The company saw an 8% increase in net income, which totalled $462 million. This is compared to $428 million in 2006.

Gross written premiums for the group were also up, at $3.36 billion, compared to $2.72 billion in 2006. Catlin’s combined ratio fell to 84.1%, an improvement of 3.2 percentage points.

The profits for the year equate to $1.84 per share, compared to $1.73 the previous year. Dividends per share of 25.1p have been proposed.

Catlin’s CEO, Stephen Catlin, said of the results: : “2007 was a landmark year for Catlin. All parts of our business performed well, and we successfully integrated Wellington’s operations with our own. We advanced our strategy of further diversifying our risk portfolio and expanding our distribution capabilities through the development of Catlin US and our international offices.

“The progress in our operations outside London and the embedded growth emerging from the Wellington acquisition should enable us to maintain business volumes even in the challenging underwriting conditions anticipated during 2008. Those factors, combined with more than US$125 million in annual cost synergies, provide the Group with a strong foundation for ongoing success.”

Catlin’s chairman, Graham Hearne, added: “Catlin is reporting record financial results today, including an 8 per cent increase in net income available to common shareholders, a return on average equity of 21 per cent and an increase in net tangible assets per share of 29 per cent. We have entered 2008 in a strong position and are confident of our prospects. This confidence is reflected in the proposed total dividend of 25.1 pence per share, an increase of 9 per cent.”

 

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