Several Bermuda-based reinsurers and insurers reported losses for the first half of the year due a series of catastrophes, such as tornadoes in the United States.

Hamilton, Bermuda-based Aspen Insurance Holdings Ltd. lost $141.5 million loss during the first half of the year vs. a $127.2 million profit during the same period in 2010. For the second quarter, Aspen's earnings plunged to $10.2 million from $108.9 million in the second quarter of 2010.

Its gross premiums written edged up slightly to $1.25 billion in the first half, but that wasn't enough to offset Aspen's heavy catastrophe losses. The insurer and reinsurer's combined ratio deteriorated to 126.5% as of June 30 vs. 98.4% during the same period last year.

“We are seeing signs of improving market conditions, which have been most pronounced in the property reinsurance markets,” Aspen CEO Chris O'Kane said Wednesday in a statement.

Validus, Transatlantic

Validus Holdings Ltd. said it lost $62.5 million during the first half of 2011 compared with a $61.4 million profit in the same time frame last year. The Pembroke, Bermuda-based reinsurer and insurer's profit fell to $109.9 million during the quarter vs. $179.8 million in the same period last year.

Validus' gross premiums written for the first half amounted to $1.46 billion, up 4.9% from the same period last year. Its combined ratio deteriorated in the first six months of the year to 113.2%, including $52.2 million of favorable prior-year loss reserve development, from 105.3% during the same period in 2010.

Validus also has made an unsolicited offer to buy New York-based reinsurer Transatlantic Holdings Inc., which already signed a merger agreement with Zug, Switzerland-based Allied World Assurance Co. Holdings A.G.

Transatlantic lost $109 million during the first six months this year vs. a $126 million profit during the first half of 2010. Its second-quarter net income fell to $81 million from $111 million in the comparable year ago period.

Transatlantic's gross premiums during the first half rose to $2.04 billion, up 3.4% from the same time last year. Its first-half combined ratio deteriorated to 123.7% from 101.8%.

Everest Re

Meanwhile Hamilton, Bermuda-based Everest Re Group Ltd. lost $184.6 million during the first half compared with a $134 million gain during the same period last year. In the second quarter, Everest Re’s net income dropped to $131.3 million from $156.7 million in 2010.

Everest Re’s gross written premiums decreased 2.5% in the first half to $987.9 million.

“While volatility persisted into the second quarter with further catastrophe loss events, our business franchise and capital position remains strong,” Everest Re Chairman and CEO Joseph V. Taranto said in a statement.

Montpelier Re

Montpelier Re Holdings Ltd. said it lost $80.7 million during the first half of the year vs. net income of $79.8 million during the comparable period of 2010. And the Hamilton-based reinsurer and insurer’s net income sank to $23.6 million during quarter, from $69.9 million in the second quarter 2010.

Montpelier Re’s combined ratio in the first half deteriorated to 142.3% from 92.7% in the comparable period of 2010. Its first-half gross premiums written slipped to $471.3 million from $474.3 million during the first half last year.

Rate increases not severe

Despite industry losses from catastrophes ranging from the March 11 earthquake in Japan to floods in Australia and U.S. storms, experts say prices in the market have gone up only in the areas directly affected by catastrophes. Company officials noted those developments.

For example, Montpelier Re {resident and CEO Christopher Harris said midyear property catastrophe renewals had average rate increases of 8% in the U.S. and 20% in international portfolios.