The Catlin Group has announced pre-tax profit of $406 million — down $197 million from the previous year.

The insurer and reinsurer reported its financial results for 2010 yesterday.

There was a five per cent increase in net underwriting contribution to $683 million despite increased catastrophe-related losses.

The group also saw a 10 per cent increase in net premiums earned to $3.2 billion from $2.9 billion in 2009. Stephen Catlin, Catlin Group CEO, said: “All of Catlin’s underwriting hubs performed well despite increasing market competition and a high incidence of natural catastrophes.

“Catlin is positioned to prosper when conditions improve.”