Bermudian-based reinsurer RenaissanceRe Holdings Ltd saw second-quarter profit rise despite taking a hit of more than $60 million from catastrophe claims.

The company posted net income of $136.3 million for the April-through-June period, up from $73.2 million in the corresponding period last year. However, operating earnings of $66.6 million, or $1.55 per share, fell short of the $1.92 per share forecast of analysts tracked by Yahoo Finance.

Kevin O’Donnell, RenRe’s chief executive officer, said: “I am pleased with the way our team executed in this competitive market. We were able to grow in select areas we found attractive and to deepen our relationships with key clients, while maintaining our underwriting discipline.

“We also actively managed our capital position with over $200 million of share repurchases. Overall, I’m proud of what we’ve accomplished in order to maintain our underwriting leadership position heading into the second half of the year.”

RenRe reported an annualised return on average common equity of 12.6 per cent and an annualised operating return on average common equity of 6.1 per cent in the second quarter of 2016, compared to 6.6 per cent and 9.1 per cent, respectively, in the second quarter of 2015. Book value per common share increased $2.51, or 2.5 per cent, to $103.70 during the quarter.

The company wrote more business with gross premiums written totalling $759.1 million, up by $97.1 million, or 14.7 per cent, from the corresponding period in 2015.

The main drivers of growth were the company’s Lloyd’s segment, which delivered a 38 per cent increase, and its Specialty Reinsurance segment, which recorded a 25.4 per cent gain.

Underwriting income totalled $63.6 million as RenRe recorded a combined ratio — the proportion of premium dollars spent on claims and expenses — of 81.9 per cent, compared to 75.2 per cent a year earlier.

Several Texas weather-related events cost RenRe $32.8 million in net claims and claim expenses, while the Alberta wildfires cost a further $28.1 million. The net negative impact of these events on the company’s underwriting result was $50.4 million.

Unrealised gains in RenRe’s fixed maturity investments drove a total investment result of $123.8 million in the quarter, up from $11.3 million in the second quarter of 2015.

The company repurchased 1.7 million common shares in open-market transactions at a cost of $187.1 million and at an average share price of $113.33 during the quarter. Between July 1 and July 25, 2016, the company spent another $33.1 million on its own shares.