Validus Holdings says second-quarter net income dropped 81.7percent to $30.7 million.
|Net income was $167.6 million last year for the same period.
|The Pembroke, Bermuda-based insurer absorbed $77.6 million incatastrophe losses during the second quarter from the flooding inEurope. A year ago the company had no catastrophe losses during thesame three months.
|Including reinstatement premiums, the effect of the losses fromthe flooding event was a decrease of $70.4 million on netincome.
|Validus says second-quarter gross premiums written were up 12percent to $702.3 million and net premiums earned were up 22.3percent to $547.5 million.
|Underwriting income dropped to $117.7 million compared to $149.4million during the second quarter last year.
|The combined ratio worsened to 78.5 during the second quarter,compared to 66.6 a year ago.
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