Allied World Assurance Company Holdings’ profits fell plunged in the third quarter as the company booked nearly $30 million in catastrophe losses.

The company, which is based in Zug, Switzerland, and has a substantial underwriting operation in Bermuda, last night reported net income of $30.9 million, or 31 cents per share for the June through September period, compared to $122.8 million, or $1.18 per share, for the same period in 2013.

Operating income was $60.6 million, or 61 cents per share, falling short of the 74 cents per share estimate of analysts tracked by Yahoo Finance. Last year, third-quarter operating income was $101.8 million, or 98 cents per share.

Allied World said it was hit by $29.8 million of catastrophe losses during the quarter, largely related to Hurricane Odile ($18.5 million) in Mexico and Windstorm Ela ($8 million) in Western Europe.

The combined ratio was 91.7 percent, compared to 84.2 percent in the third quarter of 2013.

The company saw strong growth in sales as gross premiums written rose almost 22 percent to $707.9 million. The US insurance segment grew by 25.3 percent led by 42.7 percent growth in general casualty and offset by a continued decrease in healthcare of 10.2 percent, while the reinsurance segment grew by 27 percent.

“We continue to see attractive opportunities for selective organic growth,” said chief executive officer Scott Carmilani. “The strategic changes to our management team, and reorganisation of our segments, will better align us with our clients and position us well for continued opportunities.

“Given the footprint of our business outside of North America, and the announced RSA transaction, these regions represent the next phase of our development.”

The changes he referred to will be effective December 31, 2014, when he company will realign its two insurance business segments from the current US Insurance (US and Canada) and International Insurance (all other regions).

The company will report across North American Insurance (all North America business, including US, Canada, Bermuda) and Global Markets Insurance (all business outside of North America). The reinsurance segment will remain unchanged.

Frank D’Orazio, currently president, Bermuda and International Insurance, will be appointed president, Underwriting and Global Risk, and will be responsible for the company’s global underwriting as well as coordination of risk management tools across the organisation.

Net investment income was $43.4 million, a 10.5 percent increase from the third quarter of 2013.