Bermudian reinsurer PXRe announced a 412% increase in net income for the second quarter.

Income was $19m (£12.4m) up from $3.7m (£2.4m) in the same period last year.

For the first six months of the year, net income rose to $37.3m (£24.4m) from $7.5m (£4.9m) last year.

Gross premiums written in the second quarter fell by 14% to $41.8m (£27.3m) from $48.5m (£31.7m) in the same period last year.

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