XL Group recorded a net loss of $US1.04 billion ($1.35 billion) in the quarter to September 30 as its catastrophe bill blew out due to hurricanes in the US and Caribbean.

The insurer reported $US70.6 million ($91.64 million) in net income during the corresponding period last year.

Pre-tax natural catastrophe losses net of reinsurance grew to $US1.48 billion ($1.92 billion) from $US97.4 million ($126.44 million).

The combined operating ratio for its property and casualty (P&C) operations worsened to 146.9% from 93.1%, and the loss ratio weakened to 117.2% from 61.3%.

“The financial impact of these events was, of course, significant to our financial results in the quarter,” CEO Mike McGavick said of hurricanes Harvey, Irma and Maria.

“At the same time, excluding these events, our underlying results show continued progress, as demonstrated by improvement in the ex-cat P&C combined operating ratio, insurance combined operating ratio and insurance loss ratio.”

The P&C combined operating ratio would be 89.8% with prior-year development and natural catastrophe losses excluded.

Gross written premium from the P&C business grew to $US3.02 billion ($3.92 billion) from $US2.72 billion ($3.53 billion) and net earned premium increased to $US2.62 billion ($3.4 billion) from $US2.43 billion ($3.15 billion).