May 11 (Reuters) – Insurer Catlin Group Ltd reported a 12 percent rise in gross premiums written during the first quarter, helped by growth across its international operations and the absence of catastrophe losses.
Catlin, operator of the biggest syndicate at Lloyd's of London, said gross written premiums during the January-March quarter were $1.6 billion.
The company, which provides specialty property, casualty insurance and reinsurance services, said it expected market conditions to improve as the year progressed.
Catlin incurred nearly $1 billion in gross losses from natural catastrophes in 2011.
The insurance industry took a hit of over $100 billion in 2011 from natural catastrophes, including the earthquakes in Japan and New Zealand, severe flooding in Australia and Thailand and record tornado losses in the United States, making it the sector's second worst natural disaster year on record.
Gross premiums written from Catlin's UK operations rose 12 percent for the quarter, while those from international operations — which include Asia, Europe and Canada – grew 27 percent.
Average weighted premium rates across the company's underwriting portfolio grew 4 percent.
The company expects to incur a loss of $35 million, net of reinsurance, due to the grounding of the cruise ship Costa Concordia, which hit a rock and capsized near the Italian island of Giglio on Jan. 13.
The Bermuda-based company's shares, which gained nearly 5 percent since January, rose 1 percent to 423 pence at 0702 GMT on Friday on the London Stock Exchange.
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