Lloyd’s insurer and reinsurer Amlin says net profit fell 2.9% to £136 million ($243.39 million) in the first half, as large catastrophe losses grew 52% to £48.9 million ($87.51 million).

“The most notable loss events were European hailstorms and a Nebraska tornado in June,” the company said.

Amlin had only modest exposure to the disappearance of Malaysia Airlines flight MH370 and the Sewol ferry disaster off South Korea.

Gross written premium grew 2.8% to £1.89 billion ($3.37 billion) for the half.

June renewal rates for US catastrophe business fell by an average of 3.3%, with reinsurance rates facing further downward pressure.

Amlin’s reinsurance businesses in London and Bermuda performed well, retaining clients in tough market conditions. The company says Amlin Re Europe’s performance was affected by summer storm activity but it continues to develop satisfactorily.

Weakening of the US dollar was largely responsible for a net foreign exchange loss of £10.9 million ($19.42 million).

CEO Charles Philipps says Amlin continues to generate good returns due to its well-diversified portfolio, despite a more competitive trading environment.

“With the benefit of previous premium growth and significant savings on outwards reinsurance, Amlin remains well positioned in current market conditions.”