Validus Holdings says second-quarter net income dropped 81.7 percent 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 in catastrophe losses during the second quarter from the flooding in Europe. A year ago the company had no catastrophe losses during the same three months.
Including reinstatement premiums, the effect of the losses from the flooding event was a decrease of $70.4 million on net income.
Validus says second-quarter gross premiums written were up 12 percent to $702.3 million and net premiums earned were up 22.3 percent to $547.5 million.
Underwriting income dropped to $117.7 million compared to $149.4 million 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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