Bermuda-based insurance and reinsurance giant Catlin has increased its cash and investments to more than $9 billion, according to its latest figures.

The interim results for the firm to the third quarter of the year show a total of $9.08 billion in cash and investments — a two percent increase on the $8.9 billion for the same period last year.

Catlin Group chief executive Stephen Catlin said: “Catlin continued to make good progress during the third quarter of 2013 across the business.

“Gross premiums written increased by eight percent at September 30 with strong growth continuing to be produced by our non-London/UK underwriting hubs.

“Weighted average premium rates continue to increase across the portfolio and rating levels for most classes of business are good.”

The firm reported one catastrophe event in the third quarter — hailstorms that swept across Germany in July, while the group also incurred tow large single-risk losses through the crash of an airliner and a food product recall, both in the US.

Mr Catlin said: “There have been no truly major catastrophe events during the year, although smaller events and large single-risk losses continued to accumulate during the third quarter.

“Overall, our underwriting performance has been strong.

“Catlin has built an underwriting infrastructure capable of producing good results across all types of market conditions.

“In addition, rising interest rates are good for Catlin in the longer term. We look ahead with confidence.”

A total of 55 percent of total gross premiums were written by the non-London/UK underwriting hubs in the first nine months of the year, while the firm also saw an 11 percent increase in net premiums earned over the same period.

Total investment return for the period was $65 million, compared to $156 million for the same period in 2012, while the year-to-date total investment return was 0.7 percent compared to 1.8 percent for the same time frame in 2012.

But the firm’s interim statement said: “The investment return for October was good in a volatile market.