Catlin Group reports 12% increase in GWP for first quarter

Bermuda-based international specialty insurer and reinsurer Catlin Group has reported $948 million in net premiums earned for the first quarter of the year, a 12% increase over the same period last year.

The company had a 12% increase in its gross premiums written, reporting $1.8 billion for the three months ended March 31.

Much of that came from the company’s London and United Kingdom business, which reported $781 million in GWP for the first quarter, up from $761 million for the comparable period in 2012.

Another $356 million came from business in the United States, $208 million from Bermuda and $498 million from its international business, which includes Asia-Pacific, Europe and Canada.

Among its product groups, the company reported $903 million in GWP for reinsurance, $158 million for property and $330 million for casualty. Aerospace, energy and marine, and specialty (including war and political risk), made up the rest.

Each product line had a year over year increase in GWP, with the exception of aerospace, which had $85 million in GWP for Q1 2012 and $78 million for the most recent quarter. Catlin attributes that 8% decrease to “continued competitive conditions and delays in scheduled satellite launches.”

Total cash and investments for the quarter totaled about $8.56 billion a 2% increase over the same quarter last year.

The company also reported no catastrophe losses for the quarter.

“We have made a very good start to the 2013 underwriting year.  Premium rates have continued to rise in most classes of business, with the notable exception of the Airline account,” the company’s chief executive Stephen Catlin noted in a statement on the results.

“Whilst 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,” he added. “We look ahead with confidence.”