Bermudian-based Validus Holdings’s second-quarter net income was $95 million, up from $65.8 million in the same period last year.

Net operating income per diluted common share was 66 cents, missing the 74 cents consensus forecast of analysts tracked by Yahoo Finance.

Gross written premiums were $764 million, up 5.2 per cent year-on-year.

The increase was mostly driven by an increase in the AlphaCat, Western World and Talbot segments, partially offset by a decrease at Validus Re.

Validus’ combined ratio — the proportion of premium dollars spent on claims and expenses — was 89.9 per cent for the quarter compared to 81 per cent in the second quarter of 2015.

The Fort McMurray wildfires in Alberta resulted in losses of $30.5 million, net of losses attributable to Alpha Cat investors and noncontrolling interest of $6.4 million.

The company was also impacted by losses from Texas hailstones, the Kumamoto earthquake and the Jubilee Oil event.Net of reinstatement premiums of $9.7 million, the net loss attributable to the company from these events was $33.1 million.

“Validus’ financial performance was excellent in light of meaningful loss activity during the quarter in classes of business squarely in the Validus wheelhouse,” said Ed Noonan, chief executive officer.

“Validus generated an 89.9 per cent combined ratio and a 10.2 per cent annualised return on average equity despite natural catastrophes in North America, Europe and Asia and international marine and energy losses.

“These results speak to our disciplined underwriting, leading edge analytics and robust risk management, all well-honed skills that are critical to our success in the current market environment.”

Net investment income rose about $5.6 million to $39.2 million.

Validus Re’s gross written premiums for the quarter were $285.8 million, down about $11.5 million year-on-year. Talbot had gross written premiums of $296 million, up $3 million, while Western World’s gross written premiums increased $7.4 million to $86.9 million.

Validus Holdings’ shares yesterday fell by four cents to close at $49.33 before the company announced its results.