Bermuda-based Catlin Group, a property and casualty insurer and reinsurer, has posted a net income of $162 million for the six months ended June 30, 2007, compared to $187 million in the same period the previous year.
The company has posted income before tax of $190 million after acquisition effects. Gross premium written reached $2 billion, a 29% increase on H1 2006.
Integration of the Wellington operations completed with virtually no business lost as result of the acquisition.
Stephen Catlin, CEO of Catlin, said: First half profits were reduced by residual interests of Wellington’s former third-party capital providers and by integration costs. These effects will decline in future periods and the financial benefits of the transaction will grow. Catlin is on track to meet its financial targets for 2007. In 2008, we will benefit from further embedded growth arising from the acquisition as well as at least $100 million in synergy savings.