International insurer Catlin has announced pre-tax profits of $275.4 million (£142.6 million), boosted by the fall in catastrophes in the last 12 months.
The announcement sharply contrasts with 2005's results which were badly affected by "the worst year for natural catastrophe losses on record". Previously, 2004 was also named as a "record year for natural catastrophe losses".
Chief executive of the firm, Stephen Catlin, said: "While 2005 saw a record level of catastrophe losses including hurricanes Katrina, Rita and Wilma, 2006 was a benign year for natural catastrophes."
The Bermuda-based insurer also attributed the boost in profits to its acquisition of rival Wellington last year.
Commenting on the acquisition, Mr Catlin said: "The Wellington acquisition provides Catlin with a springboard for future growth. We have made an excellent start to 2007, with written premiums in the January renewal season slightly above the combined volumes for the same period in 2006."
Discussing the integration of the two firms, he said: "We have relocated all London employees to a single office, refinanced the debt we assumed to acquire Wellington and integrated all operational functions. We now expect the acquisition to be earnings-accretive in 2007 and to produce post-tax savings of at least $70 million (£36.2 million) in 2008."
"Catlin is in the strongest position in its history, and we look ahead with confidence," he added.
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