Bermuda-based Aspen Insurance Holdings, soon to be acquired by investment group Apollo Global Management, posted a loss of $US15.1 million ($28.3 million) in the third quarter.

The result compares with a loss of $US253.8 million ($357.7 million) in the corresponding period last year, when US hurricanes and other natural disasters hit earnings.

Operating income turned positive, rising to $US36.9 million ($52 million) from a loss of $US276.6 million ($389.8 million).

CEO Chris O’Kane says Aspen has delivered “solid results” and will continue to improve its financial and operational performance.

Gross written premium (GWP) grew 2.4% to $US873.2 million ($1.2 billion).

Insurance GWP gained 13.3% to $US476.8 million ($672 million) while reinsurance GWP decreased 8.1% to $US396.4 million ($558.7 million), due mainly to a decline in the property catastrophe segment.

Catastrophe losses related to Hurricane Florence in the US, Typhoon Jebi in Japan and other weather events in the US and Asia. The quarter was more benign than the corresponding period last year, with the loss ratio improving to 69.2% from 119%.

Apollo Global Management is to purchase Aspen in a $US2.6 billion ($3.7 billion) deal announced in August. The transaction is on track to close in the first half of next year.