H1 profits slip at Catlin; grows energy book
Catlin Group's first half profits fell by $154mn year-on-year to $86mn after being hit with $180mn in combined estimated losses from the Chilean earthquake and Deepwater Horizon catastrophes.
In addition, the Bermudian-domiciled (re)insurer sustained a $49mn foreign exchange loss, although just $8mn of this will be realised.
Analyst Eamonn Flanagan of Shore Capital labelled the result "disappointing" after Catlin's profits dropped well below his bullish forecast of $120mn, and the consensus of around $105mn.
But despite the earnings dent, Catlin...
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