HAMILTON, Bermuda—A rise in gross premiums written in the United States and internationally offset a dip in business in the United Kingdom, Catlin Group Ltd. said Thursday.
In an interim financial statement, the Hamilton, Bermuda-based insurer and reinsurer said overall gross written premiums increased 5% in the first nine months of this year to $3.01 billion.
Catlin’s U.S. business contributed $429 million of the total, a 67% increase from the same period in 2008. Gross written premiums on international business jumped 28% to $268 million.
The gains offset a 5% decline in Catlin’s writings in the United Kingdom, which amounted to $1.92 billion for the first nine months.
Catlin said it had $364 million in investment income for the period, a year-to-date return of 5.2%, according to the statement.
However, Stephen Catlin, chief executive of the group, said such returns may not last. “Our investment portfolio continued to produce strong results, although it is clear that our year-to-date investment performance is not sustainable over the long term,” he said in the statement.
Mr. Catlin said he is pleased with the overall performance of the group.
“Rates continued to increase across our overall book of business, providing good margins in nearly all classes of business,” he said. “Earnings from Catlin U.S. and our international offices also increased, and we fully expect continued, profitable growth from these two operations.”
Catlin did not release net income for the nine-month period.
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