Beazley’s net income for the six months through June plummeted to $US48.5 million ($65.2 million) from $US130.9 million ($176 million) in the corresponding period last year.

The London insurer’s gross written premium increased 15% to $US1.32 billion ($1.78 billion).

Profit was $US47.6 million ($64 million), down from $US131.7 million ($177.07 million).

Beazley says a much lower investment return and reserve strengthening in the property division led to lower profits.

CEO Andrew Horton says premium growth was strongest in the property division, where rates grew sharply after heavy catastrophe losses last year.

The combined operating ratio was 95%, deteriorating from 90%.