NU Online News Service, Aug. 9, 3:35 p.m. EDT
Losses from a dozen storms classified as catastrophes during the second quarter drove down net income for Harleysville Group Inc. despite an increase in net written premiums.
The insurer of small- and midsize businesses said the group's overall combined ratio was 101.3 in the second quarter compared to 99.5 for the 2009 second quarter. Catastrophes added 3.8 points to the combined ratio.
Harleysville said net income was about $17.1 million for the second quarter versus $20.1 at the same time last year. Net income for the first six months was $25.1 million compared to $37.4 million.
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