Bermudian re/insurer Validus has posted net income of $61.1m for the first half, down from $232.5m in the same period last year, on net earned premiums of $895.6m, up from $647.0m. Gross written premiums rose to $1.39bn from $1.03bn, while the combined ratio increased to 105.3% from 73.5%, despite a fall in the expense ratio to 30.1% from 33.8%. Gross written premiums at Validus Re were $924.6m, up from $609.7m in H1 2010, with the combined ratio rising to 107.1% from 54.9%. At Talbot, gross written premiums were $524.3m, up from $463.0m. The combined ratio rose to 93.7% from 89.3%. After a loss estimate of $270m as a result of the Chilean earthquake and subsequent tsunami, an additional $70.5m of losses were added in Q2. The Deepwater Horizon disaster cost an estimated $44.1m, with the Aban Pearl oil rig costing $10.5m. The Bangkok riots added $7.5m, while the Perth hailstorm contributed $8.4m. Most of these losses were attributable to Validus Re, although Talbot Underwriting experienced a $10.4m hit from Deepwater Horizon. CEO Ed Noonan said that the company was closing the quarter with "a very strong balance sheet, including loss reserves with a high component of IBNR against our short-tail portfolio".

Bermuda-based, London-listed insurance group Catlin has recorded a net pre-tax gain of $86m for the first half, down from $240m in the same period last year, on gross written premiums of $2.46bn, up from $2.22bn in H1 2009. Gross premiums written in London were roughly flat at $1.41bn, while in Bermuda they rose to $419m from $332m, in the US to $346m from $267m, and in International to $287m from $187m. Non-London operations contributed 43% of gross premiums written in H1, up from 35% in the same period last year. Catlin said that in London it had reduced its long-term casualty and Aviation volumes, while increasing volumes in property and property treaty reinsurance. The group's combined ratio for H1 rose to 97.5% from 93.1%. The total investment return declined to $140m from $198m. CEO Stephen Catlin said that he was pleased with the Group's performance in the first half, although "our profits were reduced by record first-half catastrophe losses and adverse foreign exchange movements". The Chilean earthquake and subsequent tsunami added 9.3pp to the loss ratio (H1 2009, nil), which was 64.9%, up from 60.3% in the same period last year. Large single-risk losses accounted for 6.7pp of the first-half loss ratio, compared with 9.3% in H1 2009. The group's combined losses from Chile and Deepwater Horizon were about $180m, net of reinsurance and reinstatement premiums. Reserve releases of $29m, down from $39m in H1 2009, reduced the loss ratio by 1.8pp. Mr Catlin also noted that the company's results were hit by the Deepwater Horizon disaster, but that "as a leading energy underwriter, the Group is well-positioned to benefit from improved rates and increased demand". Average weighted premium rates across the group were virtually flat. The dividend was increased by 5% to 8.6p a share, although this is a slight decline in US terms, given the dollar's appreciation against sterling in the past 12 months.

German insurer Allianz has reported net income of €2.67bn ($3.52bn) for the first half, up 39.5% from €1.92bn in the same period last year, on total revenues of €56.0bn, up from €49.9bn. Net income from property-casualty business was up 18.9% to €1.43bn, while life & health saw a 4.4% rise to €1.05bn. Asset management gains rose 83.7% to €373m, while a discontinued operation write-off last year of €395m was not repeated in H1 2010. Gross premiums in p/c were up 2.3% to €23.9bn, and half-year operating profit in the sector was flat at €1.86bn. The combined ratio was 98.4%, down 0.4pp from the figure in H1 2009. In life & health, half-yearly 2010 statutory premiums were up 19% year on year to €29.5bn, with half-year operating profit up 9.6% to €1.5bn. Operating investment income was up by 18% to €7.7bn. CEO Michael Diekmann said that "we had a very good half-year with double-digit growth in both revenues and operating profit". Giving his outlook for the full year, Mr Diekmann said that "we are confident we can achieve our outlook for operating profit for the entire year of around €7.2bn, with a fluctuation range of plus or minus €500m". Finally, Allianz noted that, since the end of the first half, thunderstorms Norina and Olivia had caused damage in France, Benelux and parts of northern and western Germany on July 13 to July 15. The insured loss to Allianz was estimated at about €35m. Hail storm Petra struck parts of southern Germany on July 16 and July 17, for which net claims to Allianz are currently estimated at about €30m.

Houston-based specialty insurer HCC has posted a first-half gain of $154.7m for the first half, down from $174.8m in the same period last year, on gross written premiums of $1.31bn, up from $1.28bn in the same period last year. The company reported "minimal" reserve development of $11.3m net redundant development compared with H1 2009. Investment income for H1 was $99.5m, compared with $93.6m in the same period last year. The London Market Account saw premiums of $199m in H1, up from $134.2m in the same period last year. The growth was attributable to the new sector of Property Treaty, where $55m in business was written. Of this, $15.61m moved through into net earned premium for the period.