Lack of natural disasters pushes profits higher at Catlin

Share this article
Have your say

Insurance firm Catlin, operator of the largest syndicate at Lloyd’s of London, has seen its full-year profits surge thanks to lower natural disaster claims.

The group posted a pre-tax profit of $339 million (£215.4m) for the year to 31 December, up from $71m the previous year, when insurers around the world were hit by near-record claims following a spate of disasters, including the devastating earthquake and tsunami in Japan.

Chairman John Barton said: “Our underwriting performance in 2012 demonstrated that Catlin has the strategy and people in place to deliver excellent results. I am confident that Catlin will continue to produce good returns for its shareholders.”

However, Catlin said it now expects a financial hit of $225m from Superstorm Sandy, up from its initial estimate of $200m. It also said the grounding of the Costa Concordia cruise ship in January 2012 – in which more than 30 people were killed – had cost it $51m, compared with an earlier estimate of $35m.