CGL6 Aug 2012 08:36
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.