Catlin Group Ltd. (CGL), the third-biggest Lloyd’s of London insurer by market value, said revenue rose 12 percent in the first nine months as it hired additional U.S. underwriters and added reinsurance business at its Swiss unit.
Gross written premiums climbed to $3.68 billion in the nine months to Sept. 30 from $3.28 billion in the same period a year earlier, the Bermuda-based company said today in a statement.
“We expect improvement in rates and conditions for many of the classes of business we write,” Chief Executive Officer Stephen Catlin said in the statement. “Despite the challenging environment, Catlin looks ahead with confidence.”
Catlin, along with rivals Amlin Plc (AML), Hiscox Ltd. and Beazley Plc (BEZ), posted a loss in the first six months of the year after earthquakes in Japan and New Zealand contributed to the most costly first-half for insurers on record. Insurers are also being squeezed by record low interest rates and slowing growth in the euro-zone.
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