Catlin Group H1 pretax rises to 190.2 mln usd; FY 'on track' |
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Thu, 06 Sep 2007 07:43
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LONDON (Thomson Financial) - Catlin Group Ltd, the Bermuda-based Lloyd's of London insurer and reinsurer, said that income before tax and expenses for the first half of the year to end June rose to 190.2 bln usd, up from 167.4 mln usd in the same period last year.First half gross written premiums rose to 2 bln usd, up from 903 mln usd in the first half of 2006.The combined ratio - costs and claims expenses expressed as a proportion of revenues, a key indicator of underwriting profitability - rose to 92.2 pct from 88.7 pct for the group including Wellington Underwriting. Excluding Wellington, Catlin's combined ratio rose to 92.2 pct from 84.7 pct. Anything over 100 pct denotes a loss.The group raised its interim dividend to 8.1 pence per share, up from 6 pence per share issued by Catlin when it was a standalone group.Catlin said the group is 'on track' to meet its financial expectations for 2007, and noted that operating and tax synergies stemming from last year's takeover of Wellington Underwriting were 'greater than expected.'alexander.ferguson@thomson.comaf/jlwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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