Bermudian insurer ACE has revealed its second-quarter profit has more than trebled, boosted by higher premium rates.

The global insurer said its second-quarter profit was $371m (£227m) compared with $104m (£63m) a year earlier. Net written premiums rose by 28% to $2.4bn (£1.5 bn), helped by rising rates.

The growth in profit was also helped by an $85m (£53m) gain from selling some of its investments, as compared with a loss of $125m (£76m) in the same quarter last year.

As a result, ACE reported a $1.01 (£0.63) dividend per share for the quarter.