* Q2 oper EPS $0.83 vs est $0.73 * Gross premiums written rises 29 pct

Aug 4 (Reuters) - Property and casualty insurer Max Capital Group Ltd (MXGL.O: Quote, Profile, Research) posted a second-quarter operating profit, sailing past analysts' estimates, as the company's expansion to newer specialty underwriting platforms in the U.S. and at Lloyd's bore fruit.

The company earned $43.8 million, or 76 cents per share, compared with $74.2 million, or $1.26 per share, a year ago.

Operating profit, the measure commonly used by insurance analysts as it typically excludes investment losses and gains, was 83 cents a share.

Analysts were looking for a profit of 73 cents a share, excluding items, according to Reuters Estimates.

Gross premiums written from the property and casualty underwriting businesses were $355.5 million for the period, up from $275.7 million in the same period last year.

Max Capital, along with Flagstone Re (FSR.N: Quote, Profile, Research), had recently lost a long bidding battle to Validus Holdings (VR.N: Quote, Profile, Research) to acquire Bermuda-based reinsurer IPC Holdings (IPCR.O: Quote, Profile, Research).

Max Capital shares closed at $20.40 Monday on Nasdaq. The shares have traded in a range of $9.56 and $31 in the past 52 weeks. (Reporting by Anurag Kotoky in Bangalore; Editing by Maju Samuel)