(Reuters) - Bermuda-based insurer Catlin Group's profit dropped by more than a third in the first-half as higher interest rates hurt the value of its fixed-income portfolio, taking the shine off an otherwise solid underwriting performance.
Catlin, the operator of the biggest syndicate in the Lloyd's of London insurance market, reported a pretax profit of $145 million, down from $231 million, a year earlier.
Net investment return in the first half fell to $9 million from $83 million a year earlier.
“And that's really the difference between this year and last year in terms of pretax profit, is entirely due to what, I suppose, you could typify as temporary accounting-type losses,” chief operating officer Paul Jardine said.
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