PEMBROKE, Bermuda—AXIS Capital Holdings Ltd. reported Tuesday a net income of $179 million for the first nine months of 2009, down from nearly $220 million during the same period a year ago.

AXIS also reported a net loss of $96 million for the third quarter of this year compared with a net loss of $249 million during the same period in 2008.

The Pembroke, Bermuda-based insurer and reinsurer posted an 80% combined ratio for the first nine months of this year, an improvement from 97% during the first nine months of 2008. Gross written premiums increased slightly to $3 billion for the first nine months this year, compared with $2.8 billion a year ago.

AXIS posted strong underwriting results during the first nine months of the year, earning $309 million compared with $91.1 million during the first nine months of 2008. However, the company reported a net realized investment loss of $317.6 million for the first nine months of 2009.