Catlin has announced record net income of $111.2m for the six months ended 30 June 2005. This compares to $95.8 m for the same period last year.

The company added that gross premiums written decreased to $781.7m, down from $935.3m, due to disciplined underwriting and timing of premiums written. The combined ratio was 82.3%.

Chief executive Stephen Catlin said: “The first half of 2005 was a successful period for Catlin with both net income and book value per share increasing substantially. This performance demonstrates Catlin's determination to underwrite in a disciplined manner as market competition increases.

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