Specialty property and casualty re/insurer Catlin reported a 12% jump in gross written premium of US$1.8billion for the first three months ended 31 March, 2013.
International GWP, including Asia Pacific, Europe and Canada, climbed 26% to $498million; while GWP in London increased by just 3%; US by 18% and Bermuda, 12%.
However, GWP increased in all product groups, with the exception of the aerospace product group, which fell by 8%. Volume was impacted by continued competitive conditions and delays in scheduled satellite launches.
Casualty grew by 25% to $330m. The increased volume for casualty classes of business reflects growth in business written by the US and International hubs as well as rate increases for marine liability business.
Property GWP stood at $158m, a 23% increase on the prior year. The increase in property gross premiums written was the result of growth in International property business as well as selected rate increases in the aftermath of super storm Sandy.
Average weighted premium rates across the group’s underwriting portfolio increased by 3% during the three months ended 31 March 2013. The increase for both catastrophe-exposed and non-catastrophe classes of business was 3%. Rates for classes of US casualty business continued to increase during the quarter.
“I am pleased to report that Catlin made good progress during the first quarter of 2013. Gross premiums written increased across all six of our underwriting hubs, with 58% of our volume originating in our non-London/UK underwriting hubs,” CEO of Catlin group, Stephen Catlin said.
“We have made a very good start to the 2013 underwriting year. While the rest of the year may not be catastrophe-free as the first quarter was, we are optimistic that the global infrastructure that we have built over the past decade and our emphasis on capital preservation will continue to benefit our clients and shareholders alike. We look ahead with confidence.”