Catlin reports higher revenues despite premium rate decreasesReprints
Catlin Group Ltd. reported £2.01 billion in gross written premiums for the first quarter of 2014, a 9.3% increase over the same period last year, as increased business outweighed a drop in premium rates.
The Hamilton, Bermuda-based insurer and reinsurer, which is listed in London and does not report profits on a quarterly basis, said in its interim management statement Wednesday that across its portfolio rates decreased by an average 2% during the first quarter.
Rates for catastrophe-exposed classes of business fell 6%, while rates for non-catastrophe classes saw small increases. Rates for casualty lines of coverage increased by 6% during the first quarter, according to the Catlin statement.
Catlin reported a 12% increase in casualty gross written premiums, which reflects the rate increases and the continued growth of its U.S. professional lines business, according to the statement.
Catlin also reported increased business for most other lines. Increased gross premiums for its reinsurance business was largely due to expansion at its Swiss reinsurance unit and its marine and energy business increased in the Asia-Pacific region.
The insurer reported no major catastrophes losses during the first quarter and one large single-risk loss — the disappearance of Malaysia Airlines flight 370 to which the company has some exposure.