Aspen Insurance Holdings’ third-quarter net profit more than tripled to $US95.6 million ($127.58 million) from $US28.2 million ($37.62 million), buoyed by improved underwriting margins.

Gross written premium in the three months to September 30 grew to $US763.5 million ($1.02 billion) from $US720.5 million ($961.23 million) in the corresponding period last year.

And net earned premium surged to $US681 million ($908.53 million) from $US640.6 million ($854.79 million).

The Bermuda-based (re)insurer says net investment income was $US46.4 million ($61.91 million), up from $US45 million ($60.05 million).

Pre-tax operating income increased to $US73.9 million ($98.61 million) from $US69.5 million ($92.74 million), and the combined operating ratio deteriorated to 93.8% from 93.4%.

“Aspen’s results this quarter reflect good underwriting profitability across our business,” CEO Chris O’Kane said.

“At Aspen Insurance, we continued our efforts to reduce volatility, while also delivering growth in targeted areas such as in our financial and professional lines portfolio.”

Nine-month net profit grew to $US274.9 million ($366.82 million) from $US205.2 million ($273.82 million) in the corresponding period last year.