Offshore reinsurers PartnerRe Ltd. and Montpelier Re Holdings Ltd. both posted lower third-quarter net income results Tuesday.

PartnerRe posted net income of $333.4 million for the three months ended Sept. 30, down 31.5% from the same period last year, the company said in a statement.

Net written premiums at the Pembroke, Bermuda-based reinsurer totaled $1.26 billion for the third quarter, up 21.2% from the third quarter of 2012. Revenues totaled $1.56 billion, off 4.1% from last year.

Third-quarter investment income was $121.8 million, down 9.9% from third quarter 2012. Partner's third-quarter combined ratio improved to 74.9% compared with 80.7% a year ago.

For the nine months ended Sept. 30, PartnerRe had net income of $392.2 million, down 61.7% from the year-ago period.

Net written premiums totaled $4.21 billion for the nine months, up 15.3% from last year. Nine-month revenue was $3.90 billion, down 8.2% from 2012.

Investment income for the nine months totaled $370.0 million, down 15.0% from last year. For the nine months, the company's combined ratio improved to 84.2% compared with 85.1% in 2012.

“For the third quarter and the first nine months of 2013, other operating expenses included a pretax charge of $2 million and $46 million, respectively, related to the restructuring of the company's business support and global nonlife operations, which was announced in April 2013,” PartnerRe said in the statement.

“We had very strong third-quarter results reflecting a low level of large loss activity and strong core performance for most of our businesses, culminating in a 74.9% combined ratio and a 22.6% operating return on equity,” Costas Miranthis, PartnerRe president and CEO, said in the statement.

Also Tuesday, Hamilton, Bermuda-based Montpelier Re Holdings Ltd. posted third quarter net income of $57.9 million, off 22.8% from the third quarter of 2012.

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Net written premiums totaled $101.5 million, flat compared with last year, while net investment income was $16.7 million, up 7.7% over last year.

The third-quarter combined ratio improved to 53.9% compared with 72.7% in third quarter 2012.

“The net impact of realized and unrealized losses from investments and foreign exchange, which is included in net income, was $19 million for the quarter,” Montpelier Re said in a statement.

“The loss ratio for the quarter was 18%, which includes $36 million of favorable prior-year loss reserve movements,” the company added.

For the nine months, Montpelier posted net income of $131.3 million, down 47.7% from the same period last year.

Net written premiums for the nine months totaled $525.3 million, unchanged from a year ago. Investment income was $49.8 million, off just under 1% from last year.

The combined ratio for the nine months was 61.5% compared with 69.0% in the year-ago period.

“Our focused business strategy and solid underwriting execution contributed to a strong third quarter. Montpelier Re Bermuda, Montpelier at Lloyd's and Blue Capital combined to deliver strong profitability with a 5.0% quarterly operating ROE and a 54% quarterly combined ratio,” Montpelier Re President and CEO Christopher Harris in a statement.