Despite strong underwriting results, Hamilton, Bermuda-based Catlin Group Limited reported an 18 percent decline in its first-half 2008 net income due to poor investment returns.

The company said its first-half net income was $132.2 million, compared to a 2007 first-half net income of $161.7 million.

However, Catlin noted that in the first half of 2008 it paid a dividend of $21.8 million to holders of the group's non-cumulative perpetual preferred shares issued in January 2007, which reduced first-half 2008 net income available to stockholders to 110.5 million, a 32 percent decline from last year's $161.7 million figure.

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