Netherlands-based Brit Insurance has reported an 11% rise in total profit after tax for 2012, driven by lower natural catastrophe losses and higher investment returns.

Gross written premium fell £32 million ($47.22 million) to £1.15 billion ($1.69 billion) but Brit paid just £55 million ($81.16 million) in natural disaster claims – down from £141.9 million ($209.4 million) in 2011 – to lodge an after-tax profit of £84.7 million ($125 million).

Investment income grew 34% to £91.6 million ($135.18 million), although foreign currency movements recorded a £25.9 million ($38.22 million) loss compared with a £3.7 million ($5.4 million) gain in 2011.

Combined operating ratio improved to 93.2%, down 6.4 percentage points.

“2012 was a transformational and successful year for Brit,” Group CEO Mark Cloutier said.

“Against a backdrop of significant internal change and a very challenging business environment, including Hurricane Sandy, I am very pleased we have achieved a 16.8% return on average net tangible assets and total value creation of £122 million ($180 million).”

Last month Brit rebranded as a Lloyd’s of London underwriting specialist, Brit Global Specialty.

In October last year it announced it had fully divested its legacy portfolio of UK insurance business to RiverStone Holdings.