Catlin’s combined ratio improved to 90.0% for 2012, compared with 102.6% in 2011, after reduced catastrophe losses, disciplined underwriting and rate improvements.

Its net income was $US305 million ($296 million), up from $US38 million ($37 million) in 2011.

But $US225 million ($218 million) in losses from Superstorm Sandy reduced the group’s profitability.

Gross written premium increased 10% to $US4.97 billion ($4.82 billion).

Non-UK underwriting hubs (in the US, Bermuda, Europe, Asia-Pacific and Canada) reported a 13% increase in GWP and now produce 49% of total GWP.

“Our diversification strategy is contributing to our underwriting success,” Catlin Chairman John Barton said.

CEO Stephen Catlin says the group aims to build on this performance.

“Market conditions for many classes of business are currently good,” he said. “Pricing for catastrophe-exposed business is at a high level, following rate increases in 2011 and 2012.

“There is also an improving environment for certain lines of non-catastrophe business, such as US casualty classes.”