Axis Capital Holdings has booked a third-quarter loss of $US96 million ($105 million) as growth in gross written premium was undermined by the increased liability of an insurance derivative contract.

The result was an improvement on the third quarter of last year, when Axis made a loss of $US249 million ($273 million).

For the first nine months, Axis reported net profit of $US179 million ($196 million), down from $US220 million ($241 million) during the same period last year.

Axis President and CEO John Charman says the company “benefitted from very good property and casualty underwriting results as well as a strong recovery in asset valuations throughout our investment portfolio”.

Axis posted an 80% combined ratio for the first nine months this year, improving on 97% for the same period last year.

Gross written premiums increased to $US3 billion ($3.3 billion) for the first nine months this year, compared to $US2.8 billion ($3 billion) last year.