Catlin’s gross written premium (GWP) increased 8% to $US4.41 billion ($4.73 billion) in the nine months to September 30, driven by its property and casualty business.

GWP also grew in reinsurance, energy/marine and specialty/war and political risk, but fell 7% in aerospace, where Catlin is reducing volume because of competition.

“There have been no truly major catastrophe events during the year, although smaller events and large single-risk losses continued to accumulate during the third quarter,” CEO Stephen Catlin said. “Overall, our underwriting performance has been strong.”

Casualty volume increases reflected US and international growth amid a favourable rate environment and UK motor business improvements, the Bermuda-based company says.

Rising property GWP was driven by non-marine facultative business and selected rate increases after Superstorm Sandy.

The international hubs covering Asia-Pacific, Europe and Canada posted the strongest GWP gains.

In the third quarter Catlin was hit by hailstorms in Germany, the crash of an Asiana Airlines plane at San Francisco airport and a food-related product recall in the US.

Nine-month losses from catastrophe and large single-risk loss events totalled $US148 million ($159 million), net of reinsurance and reinstatement premiums.

Investments and cash grew 2% to $US9.08 billion ($9.76 billion) while the year-to-date investment return fell to 0.7% from 1.8%.