XL Catlin has reported second-quarter net income of $US43.78 million ($58.49 million), down from $US915.04 million ($1.22 billion) in the corresponding period last year.

The combined operating ratio blew out to 96% from 89.9% and natural catastrophe pre-tax losses were $US240.1 million ($320.77 million), up from $US59.9 million ($80.03 million).

Gross written premium increased 17.6% to $US3.53 billion ($4.72 billion), while net investment income fell 3.5% to $US215.4 million ($287.78 million).

CEO Mike McGavick says the results were “significantly impacted” by global catastrophes.

“In the face of these events and challenging markets, we demonstrated progress in our underlying performance,” he said.

XL Catlin has also announced its ultimate parent company’s place of incorporation has changed from Ireland to Bermuda.