Brit Insurance’s losses on southern hemisphere natural disasters rose slightly in the six months to June 30 compared to the corresponding period last year.

Net losses from its exposure to the Brisbane floods and Cyclone Yasi were £8.7 million ($12.9 million) compared to £8.4 million ($12.45 million) previously, while the Christchurch earthquakes caused losses of £43 million ($63.7 million) compared to £41.6 million ($61.69 million) previously.

Damage to the insurer from the Japanese earthquake and tsunami was virtually unchanged at £31.5 million ($46.7 million) compared to £31.6 million ($46.85 million) previously, while the Thai floods caused losses of £37.9 million ($56.19 million) versus £31.1 million ($46.11 million) previously.

Operating profit was up strongly at £79.6 million ($118.11 million) compared to £15 million ($22.25 million) last year but gross written premium dropped to £794.9 million ($1.17 billion) from £845.3 million ($1.25 billion).

Brit completed its sale of non-core regional UK businesses to QBE’s European arm. Former IAG CIO John Stratton took over that role at Brit in April.

Mr Stratton is reviewing Brit’s investment strategy and is looking to extend the average duration of investments in the next 12 to 18 months to get more of a match with its liabilities.