Ace saw its profits for the first half break through the $1bn mark for the first time, thanks to a strong second quarter during which net profits jumped to $573m. Catastrophe reinsurer IPC Holdings saw its profits for the first half grow to $171.5m, to which the second quarter contributed $108.8m.

Platinum Underwriters also reported strong year-on-year growth, with net profits for the first half of $158.8m and second quarter of $13.8m.