US-based insurer Chubb rode out a rough third quarter and a six-fold increase in natural catastrophe losses to post a small rise in net income for the first nine months of 2010.

Despite catastrophe payouts taking a sizeable chunk out of Chubb’s revenues for the first three quarters – rising from $US91 million ($92 million) to $US595 million ($604 million) – the company still managed to eke out a marginal rise in net income to $US1.6 billion ($1.62 billion).

Chubb’s operating income for the first nine months is $US1.4 billion ($1.42 million), down from $US1.6 billion ($1.62 billion) in the same period last year.

The third-quarter performance was dragged down by rising catastrophe claims and a 2.7% fall in operating income to $US537 million ($545 million).

Catastrophes in the third quarter accounted for a $US58 million ($58.9 million) pre-tax loss.

CEO John Finnegan says the company is optimistic the year will end on a high note for Chubb.

“In the third quarter, Chubb again demonstrated the ability to generate outstanding profitability and book value growth during a period of challenging economic and industry conditions,” he said.