Catlin GPW up $700m on first quarter of 2006
Catlin Group said it has performed strongly in the period ended 31 March 2007, reflecting generally positive market conditions.
In an AGM statement, Catlin said gross premiums written during the first quarter met the Group's targets and amounted to $1.2bn, compared with approximately $500m written by Catlin on a stand-alone basis in the first quarter of 2006.
The Group said margins should remain strong during the remainder of 2007, but there is expected to be modest pressure on pricing and volumes.
Stephen Catlin, chief executive of Catlin Group, said: " Both the pricing and volumes of business written have met our expectations. Whilst we expect continued downward pressure on rates for more classes of business throughout the remainder of 2007, we believe that underwriting margins are still robust. We are prepared for the onset of the Atlantic hurricane season, having substantially reduced our exposure to catastrophic events over the past 18 months.
He added: "Following the Wellington acquisition, the Group has never been better positioned. During the first part of 2007, the Group has been strengthened by new underwriting teams joining in London, in the US and in the Group's international offices and by the recruitment of senior managers. The integration continues to be ahead of expectations, and we are on target to deliver at least the planned synergy savings. We look ahead to the remainder of 2007 and beyond with enthusiasm and confidence."
Catlin will release its financial results for the six months ending 30 June 2007 on Thursday 6 September 2007.
