Aspen Insurance Holdings Ltd reported earnings in line with analysts’ estimates as it overcame $24.9 million in catastrophe losses.

The Bermuda insurer and reinsurer posted operating income after tax of $69.3 million in the third quarter, or 97 cents per share. Net income was $95.6 million, or $1.40 per share.

The company wrote more business, with gross written premiums increasing by 6 per cent to $763.5 million in the third quarter of 2016 compared with $720.5 million in the same period last year.

Chris O’Kane, Aspen’s chief executive officer, said: “Aspen’s results this quarter reflect good underwriting profitability across our business. This was demonstrated by our 93.8 per cent combined ratio and the improved accident year ex-cat loss ratios achieved by both business segments.

“Premium growth in the quarter was driven by Aspen Re, where the AgriLogic business is being successfully integrated and is performing well. At Aspen Insurance, we continued our efforts to reduce volatility, while also delivering growth in targeted areas such as in our Financial and Professional lines portfolio.

“We remain very disciplined in our selection of risk and continue to enhance our range of products.”

The combined ratio benefited 5.2 points from $35.4 million of net favourable development on prior year loss reserves.

Annualised net income return on average equity was 11.2 per cent, while operating return on average equity was 8 per cent for the quarter.

Aspen spent $6.5 million buying back its own shares in the third quarter, bringing stock repurchases up to $50 million for the first nine months of the year. The company had $366.3 million remaining under its current share repurchase authorisation as of yesterday.