Axis Capital Holdings Limited has reported third quarter net income available to common shareholders of $181 million, which compares with a net loss of $17 million in the prior year quarter.

Operating income was $202 million, compared with operating income of $3 million for the third quarter of 2022.

Vince Tizzio, president and chief executive officer of Axis Capital, said: “Axis delivered another strong quarter as we produced excellent results across multiple measures.

“The quarter was highlighted by record operating earnings per share on both a third quarter and year-to-date basis.”

He added: “During the quarter, we continued to grow in our chosen markets across both our insurance and reinsurance businesses, while capitalising on favourable market conditions across nearly all our lines.

“This included achieving our highest-ever third quarter production on record for our specialty insurance business, coupled with an 88.2 per cent combined ratio in the quarter.

“The repositioning of Axis Re as a more focused and less volatile specialist continues to take hold as evidenced by a 92.7 per cent combined ratio and solid new business growth in our key areas.”

Gross premiums written in the quarter increased by $198 million, or 12 per cent, to $1.9 billion with an increase of $140 million, or 11 per cent in the insurance segment, and an increase of $58 million, or 15 per cent in the reinsurance segment.

Net premiums written decreased by $61 million, or six per cent, to $1.0 billion with a decrease of $169 million, or 65 per cent in the reinsurance segment, partially offset by an increase of $107 million, or 14 per cent in the insurance segment.