Insurer and reinsurer Axis Capital Holdings tonight posted profits of $119 million for the second quarter — up $56 million on the same quarter last year.

The net income of $119 million, equivalent to $1.29 per share, compared to $63 million and 63 cents per share recorded for the same period in 2015.

Gross premiums written were also up — by 11 per cent to $1.3 billion, with growth in reinsurance up 26 per cent and insurance by 3 per cent.

Albert Benchimol. chief executive officer of Axis, said: “Axis reported growth in diluted book value per share adjusted for dividends of 3 per cent in the quarter and 14 per cent over the last 12 months.

“All relevant metrics in our second quarter and year-to-date results demonstrate clear progress along our various initiatives focused on delivering a consistent, attractive return to shareholders.”

Estimated catastrophe and weather related pre-tax losses, net of reinstatement premiums, totalled $104 million for the quarter, which included the Canadian Fort McMurray wildfires, US weather-related events, Japanese and Ecuadorean earthquakes and European floods.

Mr Benchimol said: “Our accident year loss ration and combined ratio, excluding catastrophe and weather events, improved for both the quarter and year to date, even as we and the rest of the industry experienced weaker pricing.

“During the quarter, we were tested by 20 catastrophe and weather events globally generating estimated insured losses of in excess of $19 billion — among the highest industry loss quarters in the last decade.

“Our actions in recent years have positioned our portfolio to better absorb losses from catastrophe and weather.

“Our market share of these losses in the quarter is in line with our expectations for our global footprint and market position in exposed lines and lower than our average share in prior years.”

Mr Benchimol said that the launch of Harrington Reinsurance Holdings, co-sponsored by Axis and Blackstone, “significantly advances our 21st century approach to capital management whereby we complement our existing balance sheet with a broad range of third-party capital to deliver enhanced capacity, innovation and tailored solutions to our clients and brokers and generate a growing stream of attractive fee revenue.”