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.
The investment performance of Catlin has seen a return of 2.7% leaving total cash and investments at $8.4bn, up 5% on December 2010.
Subscribe to 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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Alexandr Wang: the AI wunderkind who takes his seat at Meta
Alexandr Wang became the world’s youngest self-made billionaire by exploiting a niche in the AI market. Now Mark Zuckerberg has poached him for a record sum
-
Top global stocks offering rising income and lasting long-term growth
Opinion Samantha Fitzpatrick, co-manager of the Murray International Trust, selects three global stocks where she’d put her money