Two Bermuda-based underwriters Aspen Insurance Holdings Ltd. and Axis Capital Holdings Ltd. reported third-quarter results Wednesday.

Hamilton, Bermuda-based Aspen posted net income of $107.4 million for the three months ended Sept. 30, a decrease of 6.7% compared with the same period last year, the company said in a statement Wednesday.

Third-quarter net written premiums totaled $542.0 million, an increase of 6.9% over the same period last year. Net investment income was $45.0 million, off 7.4% from the third quarter of 2012.

Aspen's third-quarter combined ratio was 91.8% compared with 87.0% during third quarter 2012. Catastrophe losses included $14.9 million due to hailstorms in Germany and $5.7 million related to floods in Toronto and Mexico, according to Aspen.

There were $14.2 million, or 2.6 combined ratio points, of catastrophe losses pretax net of reinsurance and reinstatement premiums in the third quarter of 2013 compared with minimal catastrophe losses in the third quarter of 2012, the company said in its statement.

“In the third quarter, Aspen continued to make good progress in terms of strategic execution, operating results and profitability,” said Aspen CEO Chris O'Kane in the statement. “We repurchased $296 million of ordinary shares to date and continued to reallocate a portion of our investment portfolio to achieve higher risk-adjusted returns.”

For the nine months ended Sept. 30, Aspen had net income of $239.3 million, a decrease of 14% from the same period last year.

Net written premiums totaled $1.75 billion, up 1.7% from a year ago. Net investment income was $39.2 million, down 9.5% from the year-ago period. Aspen's nine-month combined ratio was 93.1% compared with 89.3% for the first nine months of 2012.

Pembroke, Bermuda-based insurer and reinsurer Axis registered net income of $137.1 million in the third quarter, a decrease of 38.6% from the same period last year, the company said in a statement.

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Third-quarter net written premiums totaled $716.4 million, an increase of 10.1% over third quarter 2012. Net investment income was $103.4 million, down just $209,000, or less than 1%, from last year.

Axis' third-quarter combined ratio was 86.3% compared with 85.3% in the third quarter of 2012.

The third quarter had estimated natural catastrophe and weather-related pretax net losses net of reinstatement premiums of $51 million, the company said in its statement.

“We're pleased to announce a very good quarter on all fronts. Our annualized operating return on average common equity was 15.6% for the quarter and our diluted book value per share increased 4.5%, with strong contributions from both underwriting and investments,” said Axis President and CEO Albert Benchimol in a statement.

For the nine months ended Sept. 30, Axis had net income of $512.4 million, a decrease of $1.2 million or less than 1% from the same period last year.

Nine-month net written premiums totaled $3.28 billion, up 16.3% from the year-ago period.

The company's combined ratio for the first nine months of 2013 was 90.5% compared with 90.8% during the first nine months of 2012.