Commercial lines insurer WR Berkley has reported a decline in third-quarter net income to $US162 million ($211 million), down from $US221 million ($288 million) in the corresponding period last year, as hurricane losses took a toll.

Catastrophe losses totalled $US119 million ($155 million) in the quarter to September 30, with $US107 million ($139 million) related to hurricanes Harvey, Irma and Maria and earthquakes in Mexico.

Overall gross written premium was flat at about $US1.87 billion ($2.44 billion) and the combined operating ratio blew out to 101% from 93.9%.

“In light of significant catastrophe activity in the third quarter, we were pleased with our results,” the US insurer says. “The capital destruction from the recent catastrophe events may drive price firming in affected markets and test the fortitude of capital providers.

“While the impact on broader pricing remains to be seen, opportunities are likely to increase in select areas, and we are well positioned to benefit from them.”