NU Online News Service, Aug. 8, 2:54 p.m. EDT

Specialty insurer and reinsurer Catlin says it suffered more than $500 million in catastrophe losses in the first half of the year, and its chief executive says he expects more with the onset of the Atlantic hurricane season.

“The insurance industry's performance for the full year depends largely on Atlantic windstorm and other catastrophe activity during the second half,” says Stephen Catlin, CEO of Catlin, in a statement. “There have been virtually no insured losses arising from Atlantic windstorms for the past two years, and various forecasters predict a severe Atlantic windstorm season in 2011. It is rare to incur no substantial insured Atlantic windstorm losses for three consecutive years.”

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