Profits jump at Catlin ahead of XL Group deal

 
Caitlin Morrison
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The Lloyd’s building in the City of London
INSURER Catlin Group made a profit of $488m (£320m) in 2014, up 13 per cent from the $432m posted in 2013.

The Lloyd’s of London insurer also reported a 12 per cent increase in gross written premium, which grew from $5.32bn to $5.97bn, but combined operating ratio worsened, from 85.6 per cent to 86.8 per cent.

In December Catlin entered into talks with US insurer XL Group over a potential £2.7bn deal. Yesterday, Stephen Catlin, founder and chief executive, said the deal would result in “a broader, better balanced and more efficient underwriting organisation that would be able to compete more effectively in the evolving marketplace”.