US-based reinsurance company Transatlantic Holdings has reported net income of $68m, or $1.06 per common share (diluted), for the third quarter of 2011 compared to $134m, or $2.08 per common share (diluted), for the third quarter of 2010.
Net operating income for the third quarter of 2011 was $59m, or $0.93 per common share (diluted), compared to $127m, or $1.97 per common share (diluted), in the third quarter of 2010.
The company reported total revenues of $1.08bn for the third quarter of 2011, compared to $1.09bn last year.
For the first nine months of 2011, net loss totaled $42m, or $0.67 per common share (diluted), compared to net income of $260m, or $3.99 per common share (diluted), for the first nine months of 2010.
Transatlantic Holdings CEO Robert Orlich said excluding the impacts of meaningful catastrophe activity and the unusual items, the third quarter results were solid.