For Bermuda-based Platinum Underwriters Holdings, Ltd., the 2014 second quarter offered plenty of downbeat statistics that showcase the struggles reinsurers face in an ever-softening market.

Compared with the same period a year ago, net income, gross written premiums, net premiums written, net premiums earned and investment income all declined.

Still, there were a few bright spots, including more net premiums written for the property and marine segment. The combined ratio also decreased slightly.

CEO Michael Price said in a statement that the results are still solid for a company that Nomura Equity Research recently identified as a reinsurer among those likely to consider a merger under the current soft market conditions. He also noted that there were no losses from major catastrophes and that Platinum’s book value per common share grew to $67.38 as of June 30, a 3.1 percent jump from the end of the previous quarter.

“Absent major events in the insurance or capital markets, we expect continued downward pressure on overall reinsurance rate adequacy,” Price warned. “We will continue emphasizing profitability over market share while seeking to maintain a position in larger markets by participating on the most attractive business available.”

Platinum said it produced $36.2 million in net income during the 2014 second quarter, down from nearly $50 million over the same period in 2013. The combined ratio also came in at 74.2, a 0.2 percentage point decline.

Net premiums earned came in at $124.8 million, down from $142.9 million in the 2013 first quarter. Net investment income reached more than $17.6 million, but that’s a slight dip over $17.8 million last year. Net premiums written reached $120.3 million during the quarter, down from close to $146.4 million in the 2013 first quarter. Net premiums earned hit the $124.8 million mark in the 2014 first quarter. That is also a decline from last year, when they surpassed $142.9 million.

As of June 30, Platinum said it had $3.8 billion in total assets on hand, but that’s down $60.6 million from the end of the previous quarter, and more than $99 million lower than the end of 2013.

Platinum is working hard to maintain value, however. The company spent $35 million to repurchase more than 556,000 in common shares during the 2014 second quarter. So far in 2014, Platinum has bought back over 1.8 million in common shares, spending $110.8 million to do so.