NU Online News Service, July 28, 3:28 p.m.EST

Bermuda-based reinsurers continued to report reduced earnings,driven mainly by catastrophe losses.

Everest Re Group Ltd. says second-quarter net income fell about16 percent to $131.3 million as pretax catastrophe losses net ofreinstatement premiums were $113 million—up from $64.6 million ayear ago during the same period.

Hamilton, Bermuda-based property and casualty reinsurer Everestsays catastrophe losses were higher than previously announcedbecause of the “late reporting by a single client of increasedexposures to the NewZealand earthquake” earlier this year.

Montpelier Re Holdings Ltd., also of Hamilton, says $39 millionof net catastrophe losses from tornadoes in the U.S. in April andMay, plus another $15 million of non-catastrophe losses during thesecond quarter, resulted in net income of $23.6 million—about a 66percent drop from net income of $69.9 million the prior year duringthe same quarter.

Christopher Harris, president and CEO of the short-tailreinsurer and specialty insurer, says mid-year catastrophe renewalscontained average rate increases of 8 percent in the U.S. and 20percent in international portfolios.

The combined ratio was 103 for the 2011 second quarter, comparedto about 60 last year during the same period, says Montpelier.

Finally, Maiden Holdings Ltd. reports a net loss of $24.4million during the second quarter as it incurred $9.5 million inlosses from U.S. thunderstorms and tornadoes.

Maiden says its second-quarter combined ratio was 99.8 comparedto 96.3 last year.