Catlin profits surge on lower natural disaster claims

City A.M. Reporter
Insurer Catlin said this morning that its annual profit jumped almost fivefold thanks to lower natural disaster claims last year.

The insurer, which is the operator of the biggest insurance syndicate at Lloyd’s of London, made a pre-tax profit of $339mm (£215.5m) over 2012, up from $71m in 2011, when insurers faced a spate of natural disasters.

With regards to claims for Hurricane Sandy, which hit the US East Coast at the end of October, Catlin said it had upped its loss estimate to $225m, from a previous $220m.

It also said the shipwreck of the Costa Concordia cruise liner in January 2012 had cost it $51m, compared with an earlier estimate of $35m.