Catlin’s premiums climb to near $5bn as London business grows

 
Caitlin Morrison
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INSURANCE group Catlin has reported gross written premium of $4.9bn (£3.1bn) for the first nine months of 2014, up 11 per cent on the $4.4bn reported in the same period of last year.

Of the total premiums during the period, $2.2bn were by the firm’s London underwriting hub.

The speciality insurer and reinsurer, which is based in Bermuda, incurred two catastrophe losses and three large single-risk losses during the third quarter.

These included the disappearance of Malaysian Airlines Flight MH370 and the shooting down of the same airline’s flight MH17.

Group chief executive Stephen Catlin said: “Despite these events, aggregate catastrophe and large single-risk losses are still below expectations for the nine-month period.”

He added: “Catlin has built an underwriting infrastructure capable of producing solid results over the long term across all types of market conditions. We continue to look ahead with confidence.”

The company’s share price dipped by 0.45 per cent to close at 550.50p.

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