Insurance and reinsurance company Trenwick Group Ltd. on Wednesday posted a second-quarter loss of $50.8 million after making a profit in the same quarter last year, citing losses from Tropical Storm Allison and other storms in the Midwest United States.

Bermuda-based Trenwick said it lost $50.8 million, or $1.38 per share, in the second quarter, from a profit of $11.3 million, or 71 cents a share, a year ago.

On an operating basis, Trenwick lost $49.8 million in the quarter, the company said.

The company also said it now expects earnings in the second-half of the year to be in the range of 65 cents to 75 cents a share, excluding unusual losses.

Trenwick updated its second-half guidance, it said, to account for the raising of forecast loss ratios for the next sixth months in light of recent losses.

On Wednesday, shares of Trenwick rose 6 cents, or less than one percent, to $17.85 on the New York Stock Exchange.

Yesterday, its stock fell further to $16.45, down $1.40 or 7.8 percent in late afternoon trading.