(Reuters) – Bermuda-based insurer Catlin Group Ltd reported a 27% rise in full-year profit as it wrote more premiums and paid out less in disaster claims, and said it was optimistic amid industry warnings of a difficult 2014.
“Overall we are still expecting top-line growth of between 5% and 10% in 2014,” Group Chief Operating Officer Paul Jardine told Reuters.
Low catastrophe losses and increased competition in the reinsurance industry have put rates under pressure, analysts at Espirito Santo said last month, noting that property catastrophe rates fell 11% in January renewals.
However, Catlin, the operator of the biggest syndicate in the Lloyd's of London insurance market, said it was seeing good underwriting margins across the majority of its business.
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