The Catlin Group has announced record results for the 31 December 2004 year end.
Despite the impact of the 2004 hurricane season net income increased to $154.1m from $127m a year earlier. Gross premiums written grew to $1.43bn from $1.20bn a year earlier.
The company said extreme hurricane losses had affected its combined ratio which declined from 86% in 2003 to 89.4% in 2004.
Catlin UK, it said, had enjoyed a successful first year with $200m gross premiums written in the first year.
In its outlook the company said rate reductions in the January 2005 renewal season had been limited to 1%.
