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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—Catlin Group Ltd. on Friday reported a 12% rise in gross premiums written for the first quarter of 2012.
In its interim management statement for the period, the Hamilton, Bermuda-based specialty property/casualty insurer and reinsurer said gross written premiums totaled $1.64 billion compared with $1.47 billion grossed in the first quarter of 2011.
The company charted the biggest gain, 27%, in its international underwriting hub, which focuses on Europe, Asia and Canada, while premiums written in its U.S. hub grew 17%.
Catlin said it avoided natural catastrophe losses, but it estimates losses arising from the grounding of the Costa Concordia cruise ship in January at $35 million, according to the statement.
The company also reported a modest year-to-date total investment return of 0.6%.
“Catlin performed well during the first quarter of 2012, thanks to continued growth in gross premiums written and the absence of catastrophe losses,” Catlin CEO Stephen Catlin said in the statement. “Nearly all areas of the business continue to grow, including our U.S. and international underwriting hubs. “It is gratifying that the market is heading in the right direction for nearly all classes of business after last year’s unprecedented series of catastrophe losses.”
HAMILTON, Bermuda—Though natural catastrophe losses and persistent challenges in the world's investment markets drove its net income down more than 80% in 2011, Catlin Group Ltd. said Thursday that it experienced modest gains in revenue and premiums written for the year.