Bermuda market re/insurers’ profits climbed by nearly 50 percent year over year in the second quarter as fewer catastrophes allowed them to keep more premium dollars.A group of 17 US-listed companies with operations on the Island made combined net income of $2.14 billion, compared to $1.45 billion in the same period of last year. The increase of more than $690 million represented a 47.8 percent rise from 2011.The market is making a solid recovery from last year when global catastrophe losses exceeded $105 billion and many companies made net losses.All of the 17 companies were profitable in the April through June period, with Ace recording the largest profit of $328 million. XL Group made $221 million in net income, followed by Everest with $215 million and Arch Capital with $213 million.Last year, insurers’ results were impacted by severe tornadoes in the US which caused billions of dollars in damage. Some were also setting aside more to cover rising estimates of disasters that occurred in the first quarter, including the earthquake and tsunami in Japan.This year the quarter was comparatively quiet on the catastrophe front and many insurance executives have noted an increase in rates in some lines of business that have further boosted business.Insurers and reinsurers are more reliant than ever on underwriting earnings, since investment income remains squeezed by historically low interest rates.The group of 17 showed strong underwriting profitability, illustrated by their average combined ratio of 85.4 percent. This ratio reflects the proportion of premium dollars spent on claims and expenses, with anything under 100 percent showing profitability.Last year, seven of the companies recorded combined ratios of 100 percent or higher, while this year there was only one.RenaissanceRe posted the most impressive combined ratio of 47.7 percent for the quarter.