Caitlin up despite earthquake

PROPERTY insurance firm Caitlin has seen its figures boosted despite being hit by payouts for the Chilean earthquake.

The company reported a nine per cent jump in gross premiums.

The increase was 39 per cent in non-London underwriting hubs.

Total cash and investments amounted to $7.47bn (£5bn) at 31 March 2010, compared with $7.69 billion at 31 December 2009.

However, the Chilean earthquake cost the company an estimated $140m.

Meanwhile, Catlin’s exposure to claims over the Gulf of Mexico oil spill in the second quarter are estimated at $40m in reinsurance and reinstatements.

Stephen Caitlin, chief executive of Catlin, said: “Our underlying performance during the first quarter of 2010 was strong.

“The rating environment remains good overall, although there is negative pressure on pricing in certain areas of the portfolio.

“The volume underwritten by our London hub decreased as intended, but each of our non-London underwriting hubs recorded strong increases in gross premiums written, supporting the Group’s decision over the past several years to invest in these hubs.” He said the company’s forecasts were all on target.