Bermuda-based insurer and reinsurer Montpelier Re Holdings Ltd. reported third-quarter income dropped 240 percent compared to last year on catastrophe and investment losses.

For the third quarter, the company reported a net loss of $142.2 million, compared to 2007 third-quarter net income of $101.3 million.

Calling the quarter "a challenging period for our industry," Montpelier Re President and Chief Executive Officer Chris Harris cited major storms and investment market volatility as contributing to the results.

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