Catlin shares up as profits rise by $93m to $432m
GLOBAL insurer Catlin Group yesterday reported a 27 per cent increase in profit before tax in its annual results.
The specialist property and casualty insurer made $432m (£263.4m) last year, $93m up on 2012. It also announced a five per cent increase in its annual dividend to 31p per share.
Results were bolstered by a record net underwriting contribution of $1bn and a quiet year for natural disaster claims.
Chief executive Stephen Catlin said the group’s investment in underwriting hubs outside of the London market strengthened its hand in 2012-13.
“Our diversified portfolio – by region and by product – allows us to see business that many of our competitors do not have the opportunity to write,” he said. “Using our tested technical skills, we can select the business that we believe is most profitable. It also must be remembered that margins for most classes of business are still strong and that rates for some classes of business are still rising.”
Catlin added that the group is looking ahead with confidence.
Shares in the insurer rose steeply as the market opened yesterday and maintained a strong increase throughout the day. The share price was up 3.7 per cent at 560p at market close.