XL Catlin’s first-quarter net income totalled $US152.8 million ($203.7 million), compared with $US21.9 million ($29.2 million) in the corresponding period last year.

Gross written premium increased 6% to $US4.6 billion ($6.1 billion), while the combined operating ratio worsened to 94.3% from 92.5%.

Net investment income for the quarter was $US200.5 million ($267.4 million), down from $US205.9 million ($274.6 million).

XL Catlin says profit growth was due to “core premium growth, increased investment income from affiliates and operating expense reductions”. This was partially offset by greater catastrophe losses and the UK Ogden rate table change, announced earlier this year.

CEO Mike McGavick says he is pleased with the “solid performance”.

“As we approach the two-year anniversary of the Catlin acquisition, we see the benefits of our increased market presence, our focus on underwriting discipline, our strong culture of innovation and continuous improvement, and a more efficient operating platform,” he said.

“This year is all about delivering on what we have built.”