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"Our business model - including our focus on underwriting discipline and our global distribution network - has proved successful. We believe that attractive underwriting opportunities exist across our six underwriting hubs. Our capital base remains solid and flexible. Catlin continues to build a business for the future, and we look ahead with confidence."
"The non-London/UK underwriting hubs continue to grow and now account for 50% of overall gross premiums written. More importantly, all of our underwriting hubs produced underwriting contributions in 2012." The group produced a return on net tangible assets of 14.6% and a return on equity of 11.3%. Chief Executive Stephen Catlin said the company would build on last year's strong performance. He noted that pricing for catastrophe-exposed business was high following rate increases in 2011 and 2012. Rate improvements for US property reinsurance on January 1st will aid in renewals following the aftermath of the Hurricane Sandy which devastated homes and infrastructure across the US last year, he added. "Catlin enters 2013 in an excellent position," he said.
Specialist insurer Catlin Group on Thursday raised its dividend by 5.4 per cent after profits soared last year. The FTSE 250 property and casualty insurer and reinsurer increased its annual dividend to 29.5p per share compared to 28.0p in 2011. Profits before tax came to $339m, up from $71m the previous year. Results were driven by underwriting services which generated a net contribution of $788m, the highest in five years and a 143% increase from a year ago. Chairman John Barton said the attritional loss ratio remained low at 50.6%, "demonstrating the quality and discipline of our underwriting". "Our diversification strategy is contributing to our underwriting success," Chairman John Barton said.
why after them results does this share loose 2.5% ?????? any thoughts is it a good buying op?????
News reports of huge insurance claims in USA (Fine arts claims) and Director selling shares on same day .... that doesn't look dodgy in the slightest .. !!!!???
It saw a 27% increase in gross premiums written by its US arm, reflecting the impact of the accounting change relating to quota share reinsurance treaties written by the division. Excluding the impact of the accounting change, gross premiums written by the US hub grew by 12%, due to rate increases and new business written, particularly in energy, casualty and reinsurance classes. The company saw strong growth across all its product groups except aerospace, where gross premiums fell by 1%. It put this down to continued rate pressure for airline business as well as delays in the number of satellite launches during the period. Rates continued to increase for many classes of business, particularly catastrophe-exposed business. Average weighted premium rates across the group's underwriting portfolio increased by 5% during the nine-month period. Average weighted premium rates for catastrophe-exposed business increased by 9%, while average weighted premium rates for non-catastrophe classes rose by 2%.
Bermuda-based property insurer Catlin said it did not yet know what impact Hurricane Sandy would have on it due to the sheer size of the storm and the many different types of claims it has created. The company compared the US 'superstorm' to the New Zealand earthquake, Japanese earthquake/tsunami and Thai floods in 2011. It said "existing catastrophe models are unlikely to predict the quantum of insured damage with a high degree of certainty". The losses to Catlin are expected to be clearer when the group reports its 2012 full-year results. The firm saw gross premiums rise by 11% in the first nine months of the year as prices went up and its took on new business. However, this rise was slightly flattered by changes in its accounting methods in the US, with like-for-like sales up 8%. The firm said its London hub continued to respond to favourable underwriting opportunities as they arose, posting an 8% rise in the period to the end of September.
Catlin: Morgan Stanley downgrades to equal weight, target cut from 495p to 462p.
Tempus also gives a thumbs up to insurance firm Catlin. After a very tough year in 2011, when it had to contend with Thai floods and the Japanese tsunami, 2012 has been much kinder with very few big payouts. Underwriting has hit a record of $443m and the stock yields 6%. Tempus says buy.
Nomura reiterates buy rating and 506p target.
Conclusion Catlin's strong performance in the first half of this year puts the Group in a solid position as we enter the second half of the year, which includes the Atlantic windstorm season. Overall, underwriting conditions are favourable, with rates continuing to rise for most catastrophe-exposed classes of business and the long-awaited recovery in the US Casualty portfolio starting to appear. The Group will continue to stress the fundamentals of disciplined underwriting, portfolio diversification, and capital preservation and flexibility. Our attritional loss ratio, the best indicator of underwriting discipline, continues to be favourable. We will not sacrifice long-term profitability for increased market share. We believe that market conditions support growth opportunities in our traditional London and Bermuda markets. Over the past decade we have made significant investments in our operations in other established markets, including the United States, Europe, the Asia-Pacific region and Canada. Whilst we are still regarded as a relatively new player in these markets, our investment is being rewarded as these operations are now producing significant profits. We are now carefully expanding our operations in growth markets, such as China and Latin America. Our current positions in these markets are small, but we believe that the long-range profit potential is substantial. I am proud that Catlin's focus on providing the best possible levels of service on underwriting and claims is increasingly recognised by brokers and clients. I would like to take this opportunity to thank our talented and energetic employees for the tremendous effort they have made to serve our clients and brokers. Catlin continues to build a business for the future, and we look ahead with confidence.
Stephen Catlin, Chief Executive of Catlin Group Limited, said: "Catlin produced excellent financial results for the first six months of 2012, including a record underwriting contribution and strong profits before tax. Our business continues to grow, with the London/UK underwriting hub producing meaningful growth for the first time in five years along with a good performance from the rest of the business. "The rating environment continues to be favourable, as average weighted premium rates across the portfolio increased by 5 per cent during the first half of 2012. Rates for catastrophe-exposed business classes continue to increase, and we are seeing positive momentum for other classes, including US Casualty business. Catlin's focus on underwriting discipline and flexible capital structure puts us in a solid position to take advantage of opportunities as they arise in the second half of the year and beyond."
CATLIN GROUP LIMITED ANNOUNCES FINANCIAL RESULTS FOR SIX MONTHS ENDED 30 JUNE 2012 HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces its financial results for the six months ended 30 June 2012. Highlights: · Record US$443 million in net underwriting contribution § 86 per cent combined ratio § 50 per cent attritional loss ratio · US$231 million in profit before tax § 17.5 per cent annualised return on net tangible assets § 13.6 per cent annualised return on equity · 5 per cent increase in average weighted premium rates (9 per cent increase for catastrophe-exposed classes; 2 per cent increase for non-catastrophe classes) · 6 per cent increase in interim dividend to 9.5 UK pence per share (14.7 US cents) · 16 per cent increase in sterling net tangible assets per share since 30 June 2011 § 13 per cent increase in US dollar net tangible assets per share since 30 June 2011
http://www.investegate.co.uk/Article.aspx?id=201208060700083474J
Berenberg initiates buy on Catlin Group, target price 544p.
Catlin: Jefferies downgrades from buy to hold, target left at 470p target.
Catlin Group Limited : Simon Lyons Joins Catlin As Contingency Class Underwriter. HAMILTON, Bermuda - Catlin Group Limited ('CGL'; London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces that Simon Lyons has joined Catlin in London as a class underwriter specialising in contingency insurance. Simon Lyons has more than 20 years of experience in the insurance industry, specialising as a contingency insurance underwriter. He most recently was a contingency underwriter at Sportscover Syndicate 3334 at Lloyd's. Catlin has underwritten contingency insurance for many years with a focus on film and event cancellation coverage for trade shows, sport and entertainment events. Nicolas Burkinshaw, active underwriter of the Catlin Syndicate at Lloyd's (Syndicate 2003), said: "I am delighted to welcome Simon Lyons to Catlin. Catlin intends to expand its contingency account as this is a niche class of business that complements other products in the Group's portfolio. We believe that Simon is well-placed to help Catlin differentiate itself in this specialty." http://www.4-traders.com/CATLIN-GROUP-LIMITED-4004616/news/Catlin-Group-Limited-Simon-Lyons-joins-Catlin-as-contingency-class-underwriter-14313294/ http://www.insuranceage.co.uk/insurance-age/news/2172614/catlin-makes-hire-contingency-business P.S. Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
Insurance firm Catlin has had a pretty tough year according to Questor in the Telegraph. Its “combined ratio”of 102.6% is not good news as the metric is a measure of profitability for insurers, with anything above 100% implying losses from the core underwriting business. But Questor thinks if Catlin can avoid the catastrophe events of 2011, like the floods in Thailand, then the firm should do well. Yielding 7.3% Questor says hold.
Insurance group Catlin (CGL) achieved pre-tax profits of 71 million dollars (44.8 million pounds) for the year ended 31st December which, while significantly below 2010's performance of 406 million dollars (256.3 million pounds), comfortably beat market consensus forecasts of 17.2 million dollars (10.9 million pounds). Following gross losses of 961 million dollars (606.6 million pounds) from the large number of natural disasters over the year the group increased its gross premiums by 11%, including a 24% rise for its non-UK operations. Shares in Catlin swelled 22.6p to 449p
Stephen Catlin, Chief Executive of Catlin Group Limited, said: "The unprecedented series of natural catastrophes during the first half of 2011 caused the Group to report a loss before tax of US$201 million. However, Catlin's underlying performance during the period was strong. "The attritional loss ratio - which excludes catastrophe and large single-risk losses - decreased to 50 per cent, the lowest in five years, reflecting Catlin's portfolio management skills during a period of rate competition for most classes of business. In addition, our US and International underwriting hubs continued to grow significantly and produced positive underwriting contributions. Rates for Property Treaty reinsurance increased significantly during 1 June and 1 July renewals, and we are already seeing evidence that rates for primary Property insurance are hardening. "Our multiple hub structure, diversified portfolio and disciplined approach to underwriting will allow Catlin to prosper in the current market environment and put us in a good position to take advantage of opportunities whenever and wherever they occur worldwide. Those factors, together with the protection provided by our Catastrophe Aggregate reinsurance programme, give us confidence for the second half of 2011 and beyond. "Accordingly, we have increased the interim dividend by 5 per cent to 9.0 pence per share. "We are also announcing today that Sir Graham Hearne will be retiring as Chairman at the Annual General Meeting in May 2012. He will be succeeded by John Barton, who will join the Board as an Independent Non-Executive Director on 1 December 2011. John's wide experience in the insurance industry and commercial sector will greatly benefit the Group. "Sir Graham has served as Chairman of the Board since 2003 during a period of substantial growth in the Group's worldwide operations. On behalf of the Board, I would like to thank Sir Graham for his leadership and tireless efforts on behalf of the Company."
CATLIN GROUP LIMITED ANNOUNCES FINANCIAL RESULTS FOR SIX MONTHS ENDED 30 JUNE 2011 HAMILTON, Bermuda - Catlin Group Limited ('CGL': London Stock Exchange), the international specialty property/casualty insurer and reinsurer, announces its financial results for the six-month period ended 30 June 2011. Financial Highlights · US$534 million in losses from catastrophe events during the period, net of reinsurance and reinstatement premiums (30 June 2010: US$135 million) · Negative net underwriting contribution1 of US$91 million (30 June 2010: US$227 million net underwriting contribution) · 50 per cent attritional loss ratio (30 June 2010: 51 per cent) · 9 per cent increase in gross premiums written to US$2.7 billion (30 June 2010: US$2.5 billion); 4 per cent decrease for London/UK underwriting hub, 26 per cent aggregate increase for all other hubs · 12 per cent increase in net premiums earned to US$1.8 billion (30 June 2010: US$1.6 billion) · Prior year loss reserves stable (30 June 2010: US$29 million release) · 117 per cent combined ratio; 32 percentage points relate to catastrophe losses (30 June 2010: 98 per cent combined ratio; 9 percentage points related to catastrophe losses) · US$201 million loss before tax (30 June 2010: US$86 million profit) · 9.8 per cent negative return on net tangible assets for period (30 June 2010: 2.8 per cent return on net tangible assets) · 7.7 per cent negative return on equity for period (30 June 2010: 2.1 per cent return on equity) · 1.5 per cent total investment return for period (30 June 2010: 1.8 per cent) · 5 per cent increase in interim dividend to 9.0 pence per share (30 June 2010: 8.6 pence)
http://www.investegate.co.uk/Article.aspx?id=201108040700177126L
482p is average of last 6 Broker ratings ... bring it on !!
July 5 (Reuters) - Catlin Group Ltd : Barclays starts Catlin Group Ltd with overweight and 536P price target. It may take a LONG time to get there, but I would be over the moon with that kind of return !
http://www.investegate.co.uk/Article.aspx?id=201104200700142440F