Arch Capital swung to third-quarter net income of $217 million, compared to a net loss of $52.8 million during the corresponding period last year.

The result amounted to a 10.2 per cent annualised return on average common equity.

After-tax operating income available to Arch common shareholders was $242.3 million, or 59 cents per share, an 11.4 per cent annualised return on average common equity, compared to a net loss of $107.1 million, or 26 cents per share, for the 2017 third quarter;

The Bermudian insurer and reinsurer said catastrophe losses, net of reinsurance and reinstatement premiums, totalled $58.2 million, primarily related to Hurricane Florence and Typhoon Jebi.

The company estimates a negative impact of between $40 million and $60 million from this month’s Hurricane Michael to its fourth-quarter results.