PARIS (Reuters) — French reinsurer Paris Re reported a 6.9 percent fall in first-half net profit yesterday as its earnings were affected by losses related to flooding in Britain this year and the Kyrill windstorm in January.

Bermuda-based Paris Re, which listed on the stock exchange earlier this year, said net income before the recognition of negative goodwill and amortisation of intangibles after tax fell to $122 million.

Earlier this week, larger rival French reinsurer Scor posted a 77 percent rise in first-half profit.

US private equity companies Hellman & Friedman LLC and Stone Point Capital LLC have stakes of around 15 and ten percent, respectively, in Paris Re, which contains the former reinsurance activities of French insurer Axa.

Paris Re shares closed up one percent at 18.28 euros on Wednesday, still below the company's flotation price of 19.35 euros.