Bermudian (re)insurer XL turned in one of the best results of the reporting period, while fellow Bermudian (re)insurer Axis Capital was harder hit by the catastrophes.

XL announced a small net loss of $US1.6 million ($1.5 million) for the first half of this year compared with a net profit of $US319.8 million ($298.9 million) for the first half of last year.

But the loss was primarily due to its first-quarter performance, with the company reporting a net profit of $US226.7 million ($211.9 million) for the second quarter, an improvement on its $US191.8 million ($179.3 million) net profit for the second quarter of last year.

Natural catastrophes cost the company $US387.4 million ($362.1 million) in the first quarter and $US68.3 million ($63.8 million) for the second quarter.

XL CEO Mike McGavick says XL’s risk management discipline “put its catastrophe loss experience as a percentage of shareholders' equity among the best of our peers”.

Fellow Bermudian (re)insurer Axis Capital reported a $US283 million ($264.4 million) net loss for the six months to 30 June, compared to a $US317 million ($296.2 million) profit for the first half of last year.

Further negative developments from the first-quarter catastrophes included a $US119 million ($111.2 million) increase in its expected loss from February’s Christchurch earthquake, but its exposure to the Japanese earthquake and the Australian floods and cyclone improved by $US86 million ($80.4 million) and $US13 million ($12.1 million) respectively.

Axis was hit in the second quarter by pre-tax net losses of $US75 million ($70.1 million) from the US tornados and $US31 million ($29 million) from the June aftershock in New Zealand.

For the second quarter, gross written premium rose 11% to $US1 billion ($934 million) due to its new accident and health initiative and renewable energy insurance team in London, as well as expansion of its property and casualty operations in Canada and Australia.