Bermuda-based insurer Ace has been hit by financial market volatility in the credit and equity markets in the third quarter, with net profit down 92% from last year to $US54 million ($79 million) and catastrophe losses up 93% to $US311 million ($455 million).

Specialty insurance and reinsurance company Axis Capital has announced a net loss for the quarter of $US249 million ($364 million), while net income for the nine months is down to $US220 million ($322 million) from $US749 million ($1.1 billion) last year.

Axis says its results were impacted by hurricanes Ike and Gustav and investment losses from the “unprecedented” financial market volatility.