XL Group says favorable reserve development, investment income and increased pricing overcame $134 million in second-quarter catastrophe losses to result in net income of $272.7 million.

Second-quarter profit was 18.9 percent higher than the same period a year ago.

Catastrophe losses were due to flooding in Europe and Canada as well as tornadoes and hail in the U.S., says XL in a conference call on earnings.

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