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Catlin Group's 1Q Gross Premiums Written Rise 12%; Aerospace Product Volume Down

Posted on 13 May 2013 by Neilson

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CatlinCatlin Group Ltd.'s gross premiums written in the first quarter rose 12%, as the company made good progress during the quarter, according to Stephen Catlin, chief executive of Catlin Group.

"Gross premiums written increased across all six of our underwriting hubs, with 58% of our volume originating in our non-London/UK underwriting hubs," Catlin said in a statement. Gross premiums rose to $1.8 billion.

Gross premiums written increased in all product types, except the aerospace product group, where volume was hurt, in part, on delays in scheduled satellite launches.

Net premiums earned also rose 12% to $948 million.

Catlin Group's 2012 net income rose nearly tenfold as the company reported strong underwriting improvement and higher premium income. Net income rose to $305 million from $38 million the previous year.

Coming off a rough catastrophe year in 2011, Catlin said 2012 was relatively mild, with only one significant loss event for the group a $225 million loss related to Hurricane Sandy. One other notable loss event was the grounding of the Costa Concordia cruise ship last January, which cost the group $51 million.