Validus Holdings' profits jumped to $70.8 million for the second quarter compared to $29.7m a year ago.

That equates to $1.17 per diluted common share, up from $0.51 in 2006.

Ed Noonan, chairman and chief executive officer of Validus, said: "We are pleased to report an annualised operating return on average equity in the quarter of 23.4 percent. Our results in the quarter reflect strong and stable underwriting results, increasing investment income and the broad diversification in our Validus Re portfolio despite industry loss activity in the quarter."

The Validus results do not include those of Talbot Holdings, which has been acquired by Validus as of July 2. Talbot Holdings made a $22.5m profit in the second quarter and had gross written premiums of of 4552.4m (up 54 percent) and a combined ratio of 59.5 percent.

Operating income for the second quarter of 2007 was $75.2 million compared with $29.3 million for the second quarter in 2006.

Gross premiums written were up 57.6 percent to $174.3 million and the company's combined ratio at the end of June was 55.3 percent.

Validus suffered some losses as a result of European windstorm Kyrill and storms and flooding in Australia and England, although exact figures were not released yesterday.