(Bloomberg) — Catlin Group Ltd, the insurer paying for two Malaysian Airline disasters, rose the most in more than a year in London trading after reporting record earnings even as deteriorating rates plague the industry.
Pretax profit more than doubled to $318 million in the first half compared with a year earlier, the Bermuda-based insurer said today in a statement. That beat the $226 million average estimate of four analysts surveyed by Bloomberg.
International expansion over 15 years has given the Lloyd's of London insurer scope to boost earnings amid investor concern that declining rates are pushing the insurance market into its worst position in years, Catlin said. The insurer's average weighted premium rates fell 3.2% in the period, with conditions more favorable in North America and Asia than in London and Bermuda.
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