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HAMILTON, BermudaThe 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.