Despite market headwinds, XL Catlin reports positive results
Global insurer and reinsurer XL Catlin reported a year-on-year 42% increase in net written premiums during 2Q15 and a 13.8% rise in H1.
Net written premiums totaled US$2.1bn in Q2 and US$3.9bn in H1, while net income attributable to ordinary shareholders in Q2 reached US$915mn compared to a loss of US$279mn in the same period of 2014.
The P&C segment totaled gross premiums of US$3.0bn and US$5.5bn in Q2 and H1, respectively, with 42% and 20.7% increases year-on-year.
"We reported 84 cents of operating earnings per share and delivered an annualized operating ROE excluding unrealized gains and losses on investments of 10.0%," said Mike McGavick, XL Catlin CEO in a press release.
"We are pleased with our progress in the major areas that we view as key to unlocking the value created by XL's combination with Catlin notwithstanding continued market headwinds."
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