Catlin group increases net income to $392 Million in 2013

The Bermuda-primarily based, London headquartered, Catlin group announced very good economic effects for the yr ended December 31, 2013, with a 27 percent increase in income before tax to $432 million, in comparison to $339 million in 2012, and a 29 percentage growth in net profits to not unusual stockholders to $392 million (2012: $305 million).

other highlights covered within the document were as follows:

• 17.zero percent return on net tangible belongings (2012: 14.6 in keeping with cent); 13.four in line with cent go back on equity (2012: eleven.3 in keeping with cent)

• document internet underwriting contribution of $1.zero billion (2012: $788 million)

• 48 percent of net underwriting contribution produced via non-London underwriting hubs (2012: 33 in line with cent)

• 50.1 percentage attritional loss ratio (2012: 50.6 in step with cent)

• eighty five.6 percentage blended ratio (2012: ninety.0 consistent with cent)

• 7 percentage increase in gross rates written to $5.31 billion (2012: $4.ninety seven billion)

• 16 percent increase in gross premiums written for non-London hubs

• fifty three percent of general GPW produced by using non-London hubs (2012: forty nine consistent with cent)

• general funding go back of 1.5 percent (2012: 2.0 according to cent)

• five percent increase in annual dividend to 31.zero uk pence per percentage (forty nine.eight US cents) (2012: 29.five united kingdom pence; forty six.0 US cents)

Catlin institution Chairman John Barton commented: “Catlin has produced strong financial outcomes for 2013 as profit before tax increased through 27 percent to $432 million. The organization’s underwriting operations executed properly, with net underwriting contribution amounting to slightly extra than $1.00 billion, an all-time file. internet tangible property consistent with proportion multiplied at some stage in 2013 by means of 9 percentage to $7.17, at the same time as e book cost in step with proportion rose by means of 7 in keeping with cent to $eight.ninety two.

He additionally mentioned that, even though it’s “now clear that marketplace situations have become increasingly aggressive for plenty training of enterprise underwritten via Catlin, margins are nevertheless robust. I accept as true with that Catlin has the approach, the infrastructure and most importantly the humans in location to preserve to provide good outcomes for shareholders.”

leader government Stephen Catlin stated: “Catlin’s internet underwriting contribution surpassed US$1 billion for the primary time in 2013 because of our steadfast consciousness on underwriting discipline and our investment in building underwriting hubs outside of the London marketplace.

“Our attritional loss ratio – which measures the first-rate of our underwriting earlier than terrific losses and reserve actions are taken into consideration – remained at a low stage of fifty.1 percentage. on the equal time, our non-London underwriting hubs produced internet underwriting contribution of $480 million, an eighty three percentage boom. these hubs accounted for 48 percent of the group’s net underwriting contribution, as compared with 33 percentage in 2012.

“I agree with there are still top possibilities for Catlin, even in a softening market. Our diversified portfolio – through area and by way of product – allows us to see commercial enterprise that a lot of our competition do now not have the opportunity to jot down. the use of our examined technical talents, we are able to select the commercial enterprise that we agree with is most worthwhile. It also must be remembered that margins for maximum training of enterprise are nevertheless robust and that prices for a few training of enterprise are still growing. Catlin continues to construct a enterprise for the future, and we look ahead with self belief.”