Validus Holdings reports third-quarter net income was down 11.5 percent to $183.4 million.
The Pembroke, Bermuda insurer and reinsurer says underwriting income during the third quarter was $166.8 million compared to $143.1 million a year ago during the same time.
The combined ratio of 68.6 improved slightly from 69.9 last year during the third quarter. This year's combined ratio result was aided by 12.2 points attributable to favorable loss reserve development.
Validus reports more third-quarter expenses—$45.3 million total corporate and finance expenses compared to $24.3 million last year. Also, net investment income was down $5.5 million to $20 million for the third quarter.
Investments Drag Q3 Results for Allied World
Underwriting income at Zug, Switzerland-based Allied World Assurance Co. Holdings increased 52.9 percent to $80.1 million during the third quarter, compared to the same quarter in 2012.
However, third-quarter net income fell to $122.8 million compared to $219.6 million a year ago. Net realized investment gains were much lower during the third quarter—$27.5 million from $149.8 million in 2012.
Allied World reports a third quarter combined ratio of 84.2 from 88.1 during the same period last year. The specialty insurer says it recorded net favorable reserve development of $61.5 million compared to $56.2 million a year ago.
CNA Financial Q3 Income Up
CNA Financial Corp. says third quarter net income was $272 million compared to $221 million a year ago during the same period.
The Chicago-based commercial insurer says underwriting and favorable prior-year reserve development offset high catastrophe losses in P&C operations, where net operating income was $330 million during the third quarter versus $264 million in 2012's third quarter.
CNA says third-quarter net written premiums in CNA Specialty increased $55 million to $778 million, driven by rate increases of 6 percent.
Underwriting actions was the cause of a $51 million decrease in third-quarter net premium written in CNA Commercial, to $760 million. Average rate increased 8 percent during the third quarter.
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