Catlin , operator of the biggest insurance syndicate at Lloyd's of London [LOL.UL}, on Friday said its annual profit rose almost fivefold thanks to lower natural catastrophe claims.
Bermuda-based Catlin made a pre-tax profit of $339 million (215.5 million pounds) last year, up from $71 million in 2011, when insurers worldwide were hit by near-record claims due to a spate of natural disasters including Japan's Tohoku earthquake.
However, Catlin said it now expects a financial hit of $225 million from Superstorm Sandy, up from its initial estimate of $200 million.
It also said the shipwreck of the Costa Concordia cruise liner in January 2012 had cost it $51 million, compared with an earlier estimate of $35 million.
Catlin is paying a 2012 dividend of 29.5 pence per share, an increase of 5.4 percent.
(Reporting by Myles Neligan; editing by Tom Bill)