Bermuda-based insurer and reinsurer Catlin has reported record first-half profits.

Net income to common stockholders was $US273 million ($294 million), up from $US118 million ($127 million) in the corresponding period last year, while profit before tax gained 118% to a record $US318 million ($342 million).

The combined operating ratio improved to 85% from 88.1% and gross written premium increased 11% to $US3.66 billion ($3.94 billion).

CEO Stephen Catlin says all areas of the business performed well.

“Average weighted premium rates decreased by 3.2% across our portfolio, with rating conditions remaining more resilient in our US, Europe, Asia-Pacific and Canada hubs than in the London and Bermuda markets. We continue to see opportunity for further profitable growth, thanks to our investment in our hubs worldwide.”