Montpelier Re Holdings Ltd posted a net loss of $66 million for the third quarter, driven by catastrophe losses.The Bermuda reinsurer attributed $60 million to losses relating to catastrophic events in the July through September period. These included $30 million from US events, including Hurricane Irene and the Texas wildfires, $20 million from US regional aggregate covers and $10 million from the July Danish floods.In addition, the company provided for a further $10 million in net losses from the June earthquake in New Zealand.These losses were partially offset by $18 million of favourable prior year loss development.The combined ratio, which indicates the percentage of premium dollars spent on claims and expenses was 121 percent for the quarter, compared to 69.4 percent in the same period of 2010.Montpelier CEO Christopher Harris said: “While it’s disappointing to report an operating loss, the third quarter was a dynamic period for Montpelier. We agreed to sell our US operation, acquired a property catastrophe reinsurance portfolio from a competitor, and expanded our capital partnership relationships.“We believe these recent actions sharpen our underwriting focus, enhance our capital flexibility, and improve our competitive positioning as we head into 2012.”The net loss broke down to $1.07 per share and compared to net income of $90 million in the third quarter of 2010. The net loss included $41 million of investment and foreign exchange losses, the majority of which were unrealised.Fully converted book value per common share was $22.26, a decrease of 4.3 percent from June 30, 2011, after taking into account common share dividends declared during the quarter.Net investment income was $17 million for the quarter and the total return on the investment portfolio was -0.8 percent.As of September 30, 2011, shareholders’ equity was $1.55 billion and total capital was $1.88 billion.The operating loss for the quarter was $25 million, or 40 cents per share, compared to an operating profit of $60.7 million, or 86 cents per share in the same period last year.