Global insurers have witnessed resurgent fortunes during the third quarter as benign weather conditions in the US have helped fill company coffers.

Despite ongoing soft market conditions in the US, Liberty Mutual earned $US265 million ($295 million) in net profit during the third quarter, against just $US6 million ($7 million) in the third quarter of last year.

Strong competition among US insurers was reflected in Liberty’s combined ratio of 100.6% which improved from 103.4% last year.

US commercial insurer WR Berkley reported third-quarter profit of $US98 million ($109 million), a big turnaround following a $US28 million ($31 million) loss last year. Its combined ratio improved to 95% from 96.1%.

Switzerland-based Ace Insurance recorded net profit of $US494 million ($549 million) during the quarter, against just $US54 million ($60 million) during the same period last year. Ace reported an improved combined ratio of 87.8% against 90.4% last year.

Although Bermudian insurer XL Capital booked a $US11.4 million ($12.6 million) loss, it was a big improvement on its $US1.6 billion ($1.77 billion) loss in the third quarter of last year.

Its combined ratio also improved to 93.2% from 106.3%.