Bermuda-based RAM Holdings Ltd. has reported a third quarter 2010 net loss available to common shareholders of $2.8 million or 11 cents per share.This compares to net income of $26.8 million or $1.02 per share for the third quarter 2009.Net income available to common shareholders for the nine months ended September 30, 2010 was $25.3 million or 96 cents per share compared to $20.3 million or 76 cents per share for the nine months ended September 30, 2009.RAM CEO David Steel said: “Our third quarter net loss was largely driven by an increase in the unrealised losses on our reinsured credit derivative portfolio. For the first nine months of 2010, our net income was largely driven by gains on the previously announced repurchases of the company’s unsecured senior notes and a portion of the Series A preference shares.“In our view, the company’s operating income for the third quarter and first nine months of 2010, which is defined later in this earnings release, reflects a better measure of the core financial performance of the company.”