International specialty property/casualty insurer and reinsurer Catlin Group Limited has reported its financial results for 2010.
The firm saw pre-tax profits decline from a record $603m last year to $406m, a drop of around a third.
The net underwriting contribution rose, year-on-year, from $651m to $683m, but return on net tangible assets in US dollars was halved from 33% to 16%.
Net premiums increased by 10% from $2.9bn to $3.2bn and the combined ratio improved from 89% to 90%.
Chairman Sir Graham Hearne said that Catlin continued to turn in good results for shareholders during 2010, adding that net tangible assets per share increased by 16% during the year.
Chief Executive Stephen Catlin stated that every one of the firm’s underwriting hubs performed well during the year, defying the increased frequency of catastrophe and the competitive nature of the market.
Chief Executive Catlin went on to say that the firm was well-placed to prosper in current competitive conditions and to take advantage of the situation when conditions improve.