Insurance firm XL Catlin yesterday revealed operating earnings of nearly $246 million for the second quarter of the year.

The results are the first since XL and Catlin combined under the XL Group banner.

The $245.8 million operating profit reported for the second quarter is down $33.8 million on the figure of $279.6 million for the same period the year before.

But the quarter to June included $27.8 million in costs related to the merger of the two companies, as well as $59.9 million in catastrophe losses — up from $34.6 million logged in the second quarter of 2014.

Chief executive officer Mike McGavick said: “We are pleased with our progress in the major areas that we view as key to unlocking the value created by XL’s combination with Catlin, notwithstanding continued market headwinds.

“First, our top line results demonstrated the strong support our clients and brokers have shown for the new XL Catlin.

“Second, we are on target with respect to synergies and expenses and will continue to manage those with discipline.”

Mr McGavick added: “We delivered on our capital management commitment through resumed share buy backs and finally, XL Catlin’s culture continues to take on the best parts of what each of our companies brought to the transaction.

“We were one company for only two months of the second quarter and in that short time, my belief that we can meet and exceed the expectations we set for the company has only grown.

“We are very excited about where we are and what lies ahead for XL Catlin.”

XL Catlin’s statement for the second quarter reported 84 cents of operating earnings per share and delivered an annualised operating return on equity excluding unrealised gains and losses on investments of 10 per cent.