* Net premiums earned rise 12 pct to C$88.4 mln
* Qrtrly profit up 33 pct (Follows alerts)
Aug 9 (Reuters) - Canada's Westaim Corp's second-quarter profit rose by a third helped by an increase in premiums earned.
Westaim is a financial holding company focused on the property and casualty insurance industry.
Net premiums earned increased 12 percent to C$88.4 million.
Quarterly net income rose to $6.5 million, or 1 cent per share, from $4.9 million, or 1 cent per share, a year ago.
Shares of the Toronto-based company closed at C$0.49 on Tuesday on the Toronto Stock Exchange. (Reporting by Swetha Gopinath in Bangalore)