Amlin’s Bermuda unit was responsible for more than half the company’s net earnings as the London-based insurer swung back to profit in the first half of 2012.The group booked booked pretax profit of £184.5 million ($289.2 million) in the six months to end-June, compared with a pretax loss of £192 million a year earlier.A lack of catastrophes and higher reinsurance rates helped Amlin Bermuda record profits of $153.1 million in the first half, compared to a net loss of $133.6 million in the first half of 2011, when a string of catastrophic events, including earthquakes in New Zealand and Japan, and tornadoes in the US, weighed on results.Amlin Bermuda, which operates out of offices in Seon Place, wrote $626.8 million in gross premiums in the first half of the year, up from $592.3 million in the first half of 2011.The unit saw average rate increases of 8.6 percent and the group as a whole, which writes the majority of its business in the Lloyd’s of London market and in continental Europe, saw rate increases averaging 4.2 percent.Many re/insurers have reported seeing higher rates this year, particularly in property catastrophe line, following the $100 billion-plus of natural disaster insured losses shouldered by the industry last year.Business retrention rate in Bermuda was 91 percent and the combined ratio, which reflects the proportion of premium dollars spent on claims and expenses, was 58 percent, significantly better than the 84 percent recorded by the group as a whole, reflecting a low incidence of catastrophes.Amlin noted a “planned increase in reinsurance spend to broaden the Bermuda reinsurance structure”. It added that Amlin Bermuda’s “expenses remain low relative to London due to high operational gearing”.Amlin CEO Charles Philipps said: “This is a welcome return to profit and the strength of our underwriting result underlines the quality and diversity of our business.“The improving trading environment is creating many opportunities for profitable growth, for which we have both the capital and the underwriting capability to take advantage.”Amlin raised its half-year dividend by 4.2 percent to 7.5 pence per share.The markets welcomed Amlin’s results and the company shares were trading more than two percent higher in late afternoon trading in London.