Bermuda-based insurance group Catlin Group Ltd said it is on track to meet its full-year 2008 target of US$3.4 billion in gross written premiums it flagged with its interim results statement in August.
Gross premiums written during the nine-month period ended September 30 2008 increased 5 percent to US$2.9 billion, while net premiums written rose 5 per cent to US$2.1 billion, in line with expectations.
Chief executive Stephen Catlin said: "2008 has proven to be an extremely challenging year. Financial markets - together with events affecting some of our major competitors have removed significant amounts of capital from the marketplace and are causing the market to turn. Rates for some types of reinsurance are already rising as a result, and we expect significantly improved conditions for most classes of reinsurance and some classes of insurance by year-end renewals. We believe rates for many other classes of insurance will begin to rise later in 2009.
"Catlin's business plan for 2009 is based on increasing premium rates and volumes acrossthe Group's underwriting platforms and international offices. Catlin foresees good underwriting results in 2009 and beyond," he added.
Catlin is a constituent of the FTSE 250 index.