Bermuda-based Axis Capital Holdings has reported a 39% drop in third-quarter profit.

Net income available to common shareholders was $US137 million ($144.38 million), down from $US223 million ($235.02 million) in the corresponding period last year.

In the nine months to September 30 the figure was $US512 million ($539.6 million), down from $US514 million ($541.7 million).

Total third-quarter revenue was $US1.04 billion ($1.1 billion), up from $US1.02 billion ($1.08 billion). For the nine months the figure was $US3.12 billion ($3.29 billion), compared with $US2.95 billion ($3.11 billion).

The combined ratio for the third quarter was 86.3%, compared with 85.3% in the corresponding period last year.

Third-quarter natural catastrophe and weather-related losses were estimated at $US51 million ($53.75 million) before tax. Net investment income was $US103 million ($108.55 million), similar to the corresponding period last year.

Gross written premium (GWP) grew 7% to $US905 million ($953.78 million) in the third quarter.

The insurance segment reported GWP of $US575 million ($605.99 million), up 9%, with liability and professional lines the main drivers, “while accident and health continues to contribute meaningfully”.

The reinsurance segment posted GWP of $US330 million ($347.79 million), up 4%, again driven by professional lines, with additional growth “largely attributable to continued increases in the agriculture line”.

President and CEO Albert Benchimol says it was a good quarter “on all fronts”.

“Our global underwriting platform, breadth of products and excellent financial strength are all highly valued attributes in today’s marketplace, positioning us favourably to achieve our goals,” he said.

“Our recent upgrade to A+ by AM Best is another testimony to our strong track record.”