Catlin on track during Q3

Lloyd's underwriter Catlin did well in the third quarter, managing to avoid any losses from this year's hurricane season, helping net premiums earned rise 13% for the nine months.Net premiums earned were up to $2.35bn from $2.08bn in 2009. Half the growth was down to the 2006 acquisition of Wellington Underwriting, Catlin said. Gross premiums written have grown 9% so far this year, with big increases in Bermuda, the US and the international business offsetting a 2% decline in London.The company, a rumoured bid target since Brit Insurance fell to private equity buyers, said it had continued to reduce the volume of business underwritten in the London wholesale market because of competitive conditions for certain classes of business.Fewer satellite launches during 2010 meant aerospace premiums fell 6% to $301m and the low level of drilling activity in the Gulf of Mexico following the BP oil slick kept premiums written for the energy/marine little changed.Growth of 26% in property was attributed to new international contracts underwritten both in London and by the non-London hubs."Our estimate of the two major losses that occurred earlier this year - the Chilean earthquake and the Deepwater Horizon oil rig explosion - has not changed during the third quarter," boss Stephen Catlin said."Catlin is on track for a good performance in 2010. Investment performance has been satisfactory in an uncertain economic environment." Castelnau Group