International insurer and reinsurer Catlin has reported first-quarter gross written premium (GWP) of $US2.01 billion ($2.14 billion) – up 9% on the corresponding period last year.

The international underwriting hub, which includes Asia Pacific, saw the biggest increase with GWP up 19% to $US594 million ($633 million).

The company says an 11% growth in reinsurance premiums reflects the continued growth of Catlin Re Switzerland, while a 7% increase in energy/marine was driven by new business development in the Asia-Pacific region.

There were no natural catastrophe losses during the quarter, and Malaysian Airlines Flight MH370 was the only large single-risk loss.

CEO Stephen Catlin says the results represent a good start to the underwriting year and the company is looking ahead with confidence.

“Rating levels are still adequate for most classes of business,” he says.

“Average weighted premium rates for catastrophe-exposed classes of business decreased by 6% during the first quarter, but from record levels. We believe there is still good margin to be found in many of these classes. 

“Rates for all other business classes increased marginally, although average weighted premium rates for casualty classes rose by 6%.”