INSURANCE group Catlin returned to profit during the first half as it benefited from a sharp drop in claims related to natural disasters.
The Bermuda-based firm, which operates the largest syndicate in the Lloyd’s of London insurance market, yesterday reported a pre-tax profit of $231 million (£148.3m) for the six months to 30 June, compared with a $201m loss a year earlier.
It said the turnaround reflected a lack of catastrophe claims during the first half, in contrast with the same period in 2011, when it absorbed a net $534m loss following a string of disasters, including the earthquake and tsunami that struck Japan.
Last year was the insurance industry’s second-worst on record for catastrophe claims, with earthquakes in Japan and New Zealand, flooding in Australia and Thailand and tornadoes in the US generating some $116 billion in claims, according to reinsurer Swiss Re.