Amlin P.L.C. posted a profit of £161.4 million ($252.2 million) for the first half of 2013, down from the £184.4 million ($289.6 million) recorded in the same period in 2012, the London-based insurance and reinsurance company announced Monday.

Amlin, which operates syndicate 2001 at Lloyd's of London as well as insurance and reinsurance companies in the United Kingdom, Europe and Bermuda, said that gross written premiums for the first half of 2013 were £1.84 billion, ($2.88 billion) up from £1.81 billion ($2.84 billion) in the comparable period in 2012.

The company's investment income for the first half of 2013 was £67.4 million, ($1.05 billion) compared with £84.7 million ($1.33 billion) in the first half of 2012.

Amlin's combined ratio was 85% for the first six months of 2013 compared with 84% for the first half of 2012.

Amlin said its losses from large catastrophes were £32.2 million ($50.3 million) for the first half of 2013, with the largest event being flooding in Europe. The company reported no large catastrophe losses for the first half of 2012.

Amlin said that at the Jan. 1 reinsurance renewals, rates for U.S. catastrophe business rose by an average 4.2%., largely because of the effects of Superstorm Sandy.

Since then, the company said, the increased penetration into the catastrophe reinsurance market of capital market investment, an absence of major loses and increased retentions by cedents have resulted in increased competition.

At the June renewals, rates for U.S. catastrophe business fell by an average 14.9%, it said.

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“While the renewal rate reduction moderated for the July renewals, we anticipate further downward pressure on catastrophe rates into 2014 unless there is significant loss activity in the second half of 2013,” the company said.

Amlin said that competition in international catastrophe business is less pronounced and that, overall, catastrophe reinsurance renewals rates fell by 2.7% in the first half of 2013.

In a briefing note, Tom Carstairs, an analyst at Berenberg Bank in London, said the relatively flat rating environment described by Amlin was not unexpected given the increased competition seen at the June and July renewals.