Allied World Assurance Holdings Ltd. reported a third quarter net loss of $64.7 million due to hurricane and typhoons.

This compares to net income of $71.6 million for the third quarter last year. The three-year-old property and casualty insurers/reinsurer incurred losses of $153.6 million, resulting from the Florida hurricanes and two Japanese typhoons, net of reinsurance, and after taxes and reinstatement premiums. Net income for the first nine months of 2004, was $94.1 million, compared to $201.2 million for the same period in 2003.

President and chief executive officer Scott Carmilani said in yesterday?s earnings statement: ?While our results this quarter were negatively impacted by an unprecedented number of natural catastrophes, we remain satisfied with the growth and performance of our overall book of business. Year-to-date, our gross written premiums are up over 10 percent, and net earned premiums are up over 18 percent. We strive to maintain underwriting discipline and adequate pricing amidst the declining rate environment of the past two quarters. We remain focused on what matters most to our customers and shareholders ? responsive service, financial strength and solid operating performance.?

Net losses and loss adjustment expenses incurred (including increases in reserves for incurred but not reported losses) were $375.1 million in the quarter ended September 30, 2004, and $218.3 million in the same quarter last year, representing loss ratios of 115.2 percent and 67.7 percent, respectively.

The company?s combined ratio for the 2004 quarter was 132.5 percent compared to the year ago quarter of 86.2 percent.

In the 2004 quarter, shareholders? equity was $2.05 billion, compared to $1.91 billion in the 2003 quarter.