Company is reducing business in the capital because of competitive conditions
Lloyd’s insurer Catlin cut gross written premium in its London-underwritten book of business by 2% in the first nine months of 2010, despite growth elsewhere. Some 43% of Catlin’s business is now underwritten by its operations outside London.
Gross written premium deriving from Catlin’s London operation fell to $1.88bn from $1.92bn in the same period of 2009. The company said it continued to reduce the volume of business underwritten in the London wholesale market because of competitive conditions for certain classes of business. It added that gross premium written in London as at 30 June 2010 had similarly decreased by 2%.
Overall, Catlin’s gross written premium for the first nine months of 2010 was up 9% on the same period last year, to $3.28bn from $3.01bn. Gross written premium from the Bermuda operation increased 23%, while its US book grew 24% and its international book – comprising Asia, Europe and Canada – was up 45%.
Rates across Catlin’s book fell on average by 0.5% in the year to 30 September 2010.