Catlin’s net income increases

Rising premiums and foreign exchange earnings contributed to a 32.5% increase in insurer Catlin Group’s first-half net income.
The Bermuda-based insurers second quarter net income was $147.3 million, which represents an increase of US$111.2 million.
The insurer says it expects it’s 2006 year end income will be higher than its 2005 year end results, partly due to the organizations ability to reduce natural catastrophe risk exposures by one-third.
Catlin’s net income for the six months of 2006 was US$147.3 million, an increase from its reported net income of US$111.2 million in the same period of 2005.
Reporting its earnings in dollars, Catlin says a figure of US$28.3 million of realized gains on foreign exchange is included in its net income.
The organization reports that its gross premiums written saw a rise of 15.5% to US$903.1 million. This rise, Catlin says, is a result of increases to premiums for both direct and reinsurance business exposed to natural catastrophes.
However, Catlin experienced a decrease to 84.7% of its combined ratio, compared to the 82.3% combined ratio reported for the same period in 2005.