Weaker investment returns hurt Catlin

Sat 9 Aug 2008
LONDON (ShareCast) - Weaker investment returns caused pre-tax profit to drop 21% during the first half at insurer Catlin to a less than expected $150m.

Gross premiums written increased by 4% to $2.1bn in the six month ended 30 June.

"Given the current conditions, Catlin is maintaining a defensive investment position with relatively high levels of cash and liquid assets," said boss Stephen Catlin.

However, the group said it is on track to achieve good results for the full year. "We are confident about the group's prospects," Catlin added.

The group has declared an interim dividend of 8.6p per share, an increase of 6% from the 2007 interim dividend.

Source: http://uk.biz.yahoo.com/080808/214/i4j92.html