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
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published