Aspen Insurance Holdings fell to a $US253.8 million ($330.8 million) loss in the third quarter, compared with a $US95.6 million ($124.6 million) profit in the corresponding period last year, after hurricanes and other disasters hit performance.

CEO Chris O’Kane says the quarter was characterised by multiple, large-scale natural catastrophes, but estimated losses are within Aspen’s expectations for such events.

“We are encouraged that, following several years of decline, the industry losses this quarter may be the catalyst that leads to improved market conditions and pricing,” he said.

The Bermuda-based company has announced a program to lift effectiveness and efficiency, including a more competitive expense ratio and a more scalable operating platform.

Gross written premium grew 11.7% to $US852.5 million ($1.11 billion), driven by a 17.6% gain in reinsurance premium to $US431.5 million ($562.4 million).

The third-quarter loss ratio deteriorated to 119% from 57.2% due to hurricanes Harvey, Irma and Maria, other weather events and the Mexican earthquakes.

Pre-tax catastrophe losses totalled $US360.3 million ($469.6 million), net of reinsurance recoveries and reinstatement premiums.

Aspen says investment income was flat at $US46.4 million ($60.5 million).