Catlin profit jumps to $273M in first half of 2014

Catlin Group Ltd.'s net income more than doubled to $273 million for the first half of 2014 from that of the same period a year earlier on higher premiums and improved combined ratio, the Hamilton, Bermuda-based specialty insurer and reinsurer said Friday.

Gross written premiums for the six months ended June 30 increased 10.9% to $3.66 billion.

Six-month net underwriting contribution jumped 21.5% to $536 million and the company's first-half combined ratio improved to 85.0% from 88.1% in the year-ago period.

“During the first half of 2014, profits before tax increased by 118%, while our annualized return on net tangible assets was 21.3%. Net underwriting contribution reached an all-time high, while the attritional loss ratio remained low, reflecting Catlin's underwriting discipline,” said Catlin CEO Stephen Catlin in the company's earnings statement.

He added that all areas of the company's business performed well, with rating conditions more resilient in its U.S., Europe, Asia-Pacific and Canada operations than in the London and Bermuda markets.