Bermuda based Platinum Underwriters Holdings has posted a $98.1m profit for the second quarter of 2009, compared with $99.8m a year earlier.
Net premiums earned fell 10% to $232.5m while net investment income fell about 6% to $44.1m compared with last year.
Realised gains on investments were $10.8m for the quarter, compared with net realised losses on investments of $6.2m for the second quarter last year.
The combined ratio was 76.9 %.
CEO Michael Price said that so far this year the company had found more attractive underwriting conditions for property and marine than for casualty.
But he added that he believed that the bottom of the casualty market may be approaching.
He said: "Our record net income per diluted common share reflects disciplined underwriting, net favourable reserve development, lower than expected catastrophe activity, good investment results and active capital management."
