Bermuda-based (re)insurer Arch Capital incurred a net loss of $US52.8 million ($68.81 million) in the third quarter, down from net income of $US247.4 million ($322.46 million) in the corresponding period last year.

It says the loss is due to “the significant level” of catastrophic events in the quarter. Gross written premium was up 28.9% to $US1.65 billion ($2.15 billion), while net investment income increased 42% to $US94.1 million ($122.65 million).

The combined operating ratio blew out to 111.8% from 87.5%.