Axis Capital Holdings’ third-quarter net profit fell to $US247.6 million ($348.8 million) from $US279.1 million ($393.1 million), driven by losses from the Tianjin blasts and weather-related events.

For the nine months to September 30 net profit was $US466.8 million ($657.5 million), down from $US607 million ($855 million) in the corresponding period last year.

Axis incurred catastrophe and weather-related losses of $US24 million ($33.8 million) during the third quarter, including $US20 million ($28.2 million) from the chemical storage explosions that rocked the Chinese port of Tianjin in August.

Third-quarter gross written premium (GWP) grew 4% to $US937 million ($1.3 billion), bolstered by a 9% increase in GWP in the insurance business.

The Bermuda-based company’s reinsurance GWP fell 3% to $US329.9 million ($464.7 million).

“The year-on-year decrease was impacted by the level of treaties written on a multi-year basis during the third quarter [last year],” Axis says.

Net investment income fell to $US45.7 million ($64.4 million) from $US66.6 million ($93.88 million), and the third-quarter combined operating ratio deteriorated to 96.6% from 92.2%.

“Our results in the quarter include the benefits of targeted portfolio enhancements, particularly in the insurance property and professional lines, which were commenced prior to this year,” President and CEO Albert Benchimol said.

“However, these improvements were overshadowed by the adverse impact of volatility in our investment portfolio and unusually high offshore energy losses.

“These impacts are well understood and not unexpected given the performance of the equity markets and the high level of marine market losses this year.”