Aspen Insurance Holdings Limited has reported a net profit of $107.4 million, or $1.43 diluted net income per share, for the third quarter of 2013.

In a press release announcing the results, Chris O’Kane, chief executive officer said: “In the third quarter, Aspen continued to make good progress in terms of strategic execution, operating results and profitability. We are pleased with the headway we are making on the three levers we outlined earlier this year. We repurchased $296 million of ordinary shares to date and continued to reallocate a portion of our investment portfolio to achieve higher risk-adjusted returns.”

Aspen stated that operating highlights for the quarter ended September 30, 2013 include gross written premiums increasing overall by 4.2 percent to $581.6 million in the third quarter of 2013 from the third quarter of 2012. Gross written premiums in reinsurance decreased by 15.4 percent while insurance grew 21.1 percent, and a combined ratio of 91.8 percent for the third quarter of 2013 compared with a combined ratio of 87.0 percent for the third quarter of 2012.

There were $14.2 million, or 2.6 combined ratio points, of catastrophe losses pre-tax net of reinsurance recoveries and reinstatement premiums in the third quarter of 2013 compared with minimal catastrophe losses in the third quarter of 2012. Catastrophe losses included hailstorms in Germany of $14.9 million, $5.7 million related to floods in Toronto and Mexico, and a $6.4 million net reduction in loss estimates for natural catastrophe losses which occurred in the first half of 2013.

Net favourable development on prior year loss reserves of $33.6 million, or 6.2 combined ratio points, for the third quarter of 2013 compared with $29.8 million, or 5.8 combined ratio points, for the third quarter of 2012.

On an after-tax basis, net catastrophe losses were $13.3 million, or $0.20 per share, for the third quarter of 2013, and $62.5 million, or $0.93 per share, for the first nine months of 2013. Diluted book value per share of $40.43 at September 30, 2013, up 4.0 percent from June 30.

Aspen said the operating highlights for reinsurance for the quarter ended September 30, 2013 include:

Gross written premiums of $219.5 million, decreased 15.4 percent compared with $259.5 million for the third quarter of 2012

Combined ratio of 80.5 percent compared with 73.8 percent for the third quarter of 2012

Favourable prior year loss reserve development of $32.3 million, or 12.6 combined ratio points, compared with $22.0 million favourable prior year loss reserve development, or 7.9 combined ratio points, for the third quarter of 2012

Gross written premiums in reinsurance declined primarily due to prior year premium adjustments and higher commutations

The combined ratio of 80.5 percent for the third quarter of 2013 included $11.3 million, or 4.5 percentage points, of catastrophe losses, pre-tax net of reinsurance recoveries and $1.4 million of reinstatement premiums.

In addition, there were $17.1 million of significant non-catastrophe losses in reinsurance in the third quarter including a container ship loss and a chemical factory fire loss. The combined ratio of 73.8 percent for the third quarter of 2012 included minimal catastrophe losses and no significant non-catastrophe losses.