31, 2004, Catlin has produced total shareholder return amounting to 93 percent, compared with average total shareholder return of 71 percent for FTSE 350 companies during that same period.”


ENDURANCE 2011


Gross premiums written


Despite recording losses throughout 2011, Catlin posted a net income


of $38 million for the year which, when many rivals posted losses, demonstrated the strength of its business strategy.


That is the view of Sir Graham Hearne, chairman of Catlin Group Limited, who argues that despite the tough economic conditions, since its initial public offering in 2004 Catlin has grown in size and, more importantly, succeeded in increasing value for its shareholders.


Commenting on Catlin’s 2011 results, Hearne said: “Since March


Net premiums written


Net profi t 2,467.1 1,979.8 -93.7


Combined ratio 112.9% (Claims ratio: 84.6%, Expense ratio: 28.3%)


Return on average common equity


-4.9%


2010 2,053.2 1,763.7 364.7


88.7% (Claims ratio: 59.6%, Expense ratio: 29.1%)


13.3%


2009 2,021.5 1,606.1 536.1


84% (Claims ratio: 53.1%, Expense ratio: 30.9%)


22.7%


Spring 2012 | INTELLIGENT INSURER | 19


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