BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Catlin's profits up in 2006


HAMILTON, Bermuda—The acquisition of Wellington Underwriting P.L.C. swelled Catlin Group Ltd.' s 2006 results, the Bermuda-based insurer reported.

Catlin's offer for London-based Wellington was declared unconditional on December 18 2006. In a statement, Catlin said that the Wellington acquisition will bear fruit in 2008 with "synergies [amounting] to at least $70 million."

But the addition of Wellington already seems to have contributed to Catlin's figures. After the hurricanes of 2005, Catlin's net income rose from $19.7 million that year to $258.8 million in 2006. But with the addition of Wellington, this figure increased to $428.5 million, the company said.

Catlin's gross written premiums were $1.61 billion in 2006, up 16% compared with 2005.

Catlin's combined ratio was down from 103.1% to 88.2%; and this figure decreases still further to 87.3% when Wellington's results are factored in.