Insurer XL Capital has reported a 41% increase in second quarter underwriting profits.
The Bermuda-based company made $109.8m in the period compared to $77.9m in the second quarter of 2003.
In the same period, net written premium increased by 36% to $1.2bn, while the insurer's combined ratio improved by 2.3% on the second quarter of 2003, falling to 89.7%.
XL attributed the rise in written premium to higher new business volumes, commutations on certain reinsurance treaties, greater retentions on new and existing product lines and favourable foreign exchange movements.
