Catlin faces up to "unprecedented" catastrophes
A series of "catastrophe events" has battered the speciality insurance firm Catlin resulting in losses of $670m.
A series of "catastrophe events" has battered the speciality insurance firm Catlin resulting in losses of $670m.
The main problems for the firm have been floods in Thailand and Denmark, and Hurricane Irene, which damaged parts of the Caribbean, the US and Canada back in August.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Gross written premiums were up 12% at $3.7bn. The leading sectors for Catlin were Reinsurance at $1,481m and Casualty at $670m.
Stephen Catlin, the group's Chief Executive described 2011 as having an "unprecedented" number of catastrophes while adding:
"We believe that fundamental changes in the marketplace are on the horizon as a result of the series of catastrophe losses, several years of falling rates for many classes of business, the challenging investment environment and the increasing strain on some insurers' and reinsurers' balance sheets."
BS
-
Lifetime ISA reform: Retirement option could be scrapped in overhaulA consultation on a product replacing the Lifetime ISA is set to be launched this year, and the option to use it to save for retirement is expected to be axed in the shake-up
-
HMRC stamp duty crackdown sees probes of property deals jump 88% – what to watch out forFrom bogus stamp duty refund claims to misleading the taxman about who owns a property, HMRC is increasing its scrutiny of stamp duty land tax reporting. Here’s how.
