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Catlin Group Limited

Catlin Group Limited

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Published by Arvin Chiong
Annual Reports Services 2010
Annual Reports Services 2010

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Published by: Arvin Chiong on Nov 01, 2011
Copyright:Attribution Non-commercial


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Catlin Group Limited
Annual Report and Accounts2010
Buildinga Businessfor theFuture
Building a Business for the Future
Catlin Group Limitedis an internationalspecialty property/casualty insurerand reinsurer.
Since Catlin was established in 1984, we haveretained a consistent vision, strategy and setof core values so that our decisions and actionshelp build a business for the future.
Since Catlin was establiretained a consistent viof core values so that ohelp build a business fo
Learn more about what makes Catlin different:
on page 6
Leveraging Global Expertise
on page 16
Efficient and FlexibleFinancial Structure
on page 18
Catlin Core Values
on page 14
Underwriting Discipline
on page 17
1Catlin Group Limited
 Annual Report and Accounts 2010
   B  u  s   i  n  e  s  s   R  e  v   i  e  w
Building a Businessfor the Future
Strategy and Operating Principles 2Key Performance Indicators 4Broad Distribution 6London/UK 8Bermuda 9US 10Asia-Pacific 11Europe 12Canada 13Catlin Values 14Leveraging Global Expertise 16Underwriting Discipline 17Efficient and Flexible Capital Structure 18Investing in Our Future 19The Catlin Arctic Survey 20Chairman’s Statement 22Chief Executive’s Review 24Underwriting Review 28Financial Reporting Segments 38Financial Review 40Loss Reserve Development 46Investments 51Distribution 54Risk and Capital Management 55Investor Relations 62The Catlin Brand 64
Corporate Responsibility Report 66
Board of Directors 76Directors’ Report 78Corporate Governance Report 82Directors’ Remuneration Report 86
Report of the Independent Auditors 92Consolidated Balance Sheets 93Consolidated Statements of Operations 94Consolidated Statements of Changesin Stockholders’ Equity 95Consolidated Statements of Cash Flows 96
Notes to theFinancial Statements
Notes to the ConsolidatedFinancial Statements 97Five-Year Financial Summary 119Glossary 120
* Aggregation of results of Catlin and Wellington Underwriting plc, both prepared under US GAAPfor year ended 31 December 2006
2010 2009 2008 2007 2006*
Gross premiums written (US$m)
$3,715 $3,437 $3,361 $2,722
Net premiums earned (US$m)
$2,918 $2,596 $2,490 $2,228
Net underwriting contribution (US$m)
$651 $454 $804 $574
Net income/(loss) before income tax (US$m)
$603 ($13) $544 $520
Combined ratio (%)
89.1% 94.9% 80.6% 82.6%
Return on net tangible assets (%)
33.2% (2.8%) 36.1% 29.4%
Return on equity (%)
24.3% (1.9%) 22.9% 26.2%
Net tangible assets per share (£)
£3.64 £3.17 £2.88 £2.28
Net tangible assets per share (US$)
$5.90 $4.63 $5.73 $4.46
Dividends per share (pence)
25.0p 23.2p 21.9p 20.1p

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