Aspen Insurance has reported a net loss of $362m for the third quarter of 2005, resulting in a loss of $208m for the nine months ended 30 September 2005.
The figures include $453.7m of losses from hurricanes Katrina and Rita.
Aspen said its third quarter of 2005 combined ratio was 207%, and 121% for the nine months ended 30 September.
Gross written premiums were $494m for the third quarter of 2005 and $1.85bn for the nine months ended 30 September 2005.
Chris O'Kane, chief executive, said: "Our third quarter results are clearly disappointing. This has been an exceptional year for natural catastrophes.
"Hurricanes Katrina, Rita and Wilma present major challenges to our industry and we will make the necessary revisions to our approach towards underwriting property reinsurance to take full advantage of the opportunities that will emerge.
"As we move towards the January renewal season, we expect to see a dramatic increase in rates in loss impacted lines and significant improvements in policy wordings."
