Axis Capital Holdings Limited has reported a net loss attributable to common shareholders of $17 million and operating income of $3 million in the third quarter.

That compares with net income of $47 million and operating income of $1 million in the third quarter a year ago.

For the nine months ended September 30, the company reported net income available to common shareholders of $152 million and operating income of $331 million.

In the third quarter, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $212 million ($186 million, after-tax).

The split was $113 million in the insurance segment and $99 million in the reinsurance segment, primarily attributable to Hurricane Ian, an increase in the net loss estimate attributable to June European convective storms consistent with an updated industry insured loss estimate, and other events, compared with $250 million (insurance: $105 million; reinsurance: $145 million), in 2021.

For the nine months ended September 30, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $339 million, compared with $389 million in 2021.

Reorganisation expenses in the third quarter, mainly related to the company’s exit from property reinsurance business, were $6 million. Those expenses are excluded from operating income.

Gross premiums written increased by $61 million, or four per cent ($90 million, or five per cent, on a constant currency basis), to $1.7 billion with an increase of $141 million, or 12 per cent in the insurance segment, partially offset by a decrease of $80 million, or 17 per cent in the reinsurance segment.

Net premiums written increased by $40 million, or four per cent ($67 million, or seven per cent, on a constant currency basis), to $1 billion with an increase of $70 million, or ten per cent in the insurance segment, partially offset by a decrease of $30 million, or ten per cent in the reinsurance segment.

Albert Benchimol, president and CEO of Axis Capital, said: "For Axis, the third quarter provides further validation of our strategic evolution to focus our portfolio on specialty, as well as reduce our exposure to catastrophes and strengthen our underlying operations.

“For the year to date, our industry has suffered in excess of $100 billion of catastrophe losses, yet Axis grew underwriting income by 75 per cent and operating income by 30 per cent.

"Our specialty insurance business continues to perform strongly with higher underwriting profits for both the quarter and nine-month period, and our reinsurance business has demonstrated the benefits of its lower property cat exposure with a manageable loss for the quarter and an improved underwriting result for the nine-month period.

"Stepping back, conditions and uncertainties in the market are likely to result in a favourable pricing environment into 2023 and beyond, as well as heightened demand for specialty coverages -- where Axis is very well-positioned.

“Our business has great momentum -- we’re improving our profitability, reducing volatility, and growing where we want to. We’re focused on increasing the value that we provide to our customers and shareholders as we advance our strategy of becoming a leader in specialty."