Three more reinsurance companies have reported largely positive first half results, reflecting lower catastrophe losses in 2012 vs. the prior-year period and improved pricing in certain areas.

Zug, Switzerland-based Allied World Assurance Company Holdings A.G. on Tuesday reported net income of $314.5 million for the six months ended June 30, a 207.1% increase over the same period the previous year.

Net written premiums for the insurer and reinsurer totaled $1.08 billion for the half, a 23.6% increase compared with the first six months of 2011. The company's combined ratio improved to 85.2% for the half, compared with 109.6% for the first six months of 2011.

On a quarterly basis, Allied saw net income of $96.4 million, compared to net income of $93.8 million for the second quarter of 2011. Net premiums written were $494.7 million in the second quarter of 2012, a 25.0% gain compared with the second quarter of 2011. The company's combined ratio improved to 85.1% in the second quarter of 2012, compared with 97.4% in the second quarter of 2011.

“Allied World continues to build across our operating platforms, and the momentum in our premium growth is a direct result of our expansion efforts and new business initiatives over the last few years,” Allied Chairman, President and CEO Scott Carmilani said in a statement. “Gross premiums written were up by almost 25% for the quarter, surpassing the $1.3 billion mark for the first half of 2012.”

Elsewhere, RenaissanceRe Holdings Ltd. reported first-half net income of $343.7 million on Tuesday, an increase from the net loss of $223.3 million the Pembroke, Bermuda-based reinsurer reported in the first half of 2011.

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Net written premiums rose 4.5% in the first half of 2012 to $920.2 million, while the company's first-half combined ratio improved dramatically to 38.0% from 174.1% in the prior-year period.

For the quarter, the company reported net income of $142.3 million, compared with $24.8 million in the second quarter of 2011. Net written premiums were essentially flat at $427.6 million for the quarter, while the combined ratio improved to 47.7% from 95.5% in the same period a year ago.

RenaissanceRe CEO Neill A. Currie said the company's results benefited from relatively low catastrophe losses compared with the previous year and solid investment returns. “Although property catastrophe pricing at June 1 was a little lower than we had anticipated, we are pleased with the results of the recent renewal season,” Mr. Currie said. “We have grown significantly in each unit this year, and have produced an attractive portfolio of risks.”

A similar turnaround was seen at AXIS Capital Holdings Ltd., which reported net income of $290 million for the first six months of 2012. By comparison, the Pembroke, Bermuda-based reinsurer recognized a net loss of $283 million during the first six months of 2011.

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On a quarterly basis, AXIS reported net income of $168 million, a 66.3% increase compared with $101 million for the second quarter of 2011. The company's combined ratio improved to 92.3% in the second quarter, compared with 98.9% for the same period last year. However, net written premiums decreased 6% in the quarter to $802 million.

“The market environment for our businesses is showing ongoing improvement, and our underwriting operations are executing as expected in the current transitional market,” AXIS President and CEO Albert Benchimol said in a statement. “Growth is strong in markets that have shown improvement in pricing and in lines where investment in product or geographic expansion in recent years is gaining traction.”