Operating income rose to $189.2 million from $158.7 million, translating to $5.38 and $5.31 per diluted share for net income and operating income respectively, both of which the company described as second-quarter records. Core Commercial catastrophe losses were $26.4 million in the prior-year quarter, while Specialty catastrophe losses fell to $10 million from $14.6 million. Specialty recorded broad-based favourable development of $10.8 million against $12.5 million in the prior-year quarter. On the investment side, net investment income rose 13.4% to $119.6 million. Net realised and unrealised investment gains recognised in earnings were $2.8 million, compared with losses of $2.5 million in the prior-year quarter.