Profits slump at Catlin
Catlin Group has seen pre-tax profits for 2011 tumble to $71m (£44.8m) from $406m the year before, as its combined operating ratio punched through the 100 barrier to reach 102.6% (2010: 89.8%).
The Bermuda-based provider reported that for the year ended 31 December 2011 group gross written premiums (GWP) rose 11% to $4.5bn (2010: $4.1bn) although Catlin's London hub saw GWP remain flat at $2.3bn.
The insurer noted that 2011 was a tough year for the insurance industry and claimed that the company had performed well to achieve a profit despite what it described as the extraordinary series of natural catastrophes throughout the year.
Stephen Catlin, chief executive of Catlin Group, said:
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