ACE Ltd., a Bermuda-based property and casualty insurer, had a third-quarter net loss of $112 million on claims from Hurricanes Katrina and Rita. The loss of 43 cents a share compares with a loss of 3 cents a share a year ago, ACE said in a statement last night distributed byBusiness Wire today.

The net loss for the third quarter ended September 30 of $112 million compared with net income of $4 million for the same quarter last year.

The losses from hurricanes Katrina, Rita and Dennis and other catastrophes resulted in an after-tax charge of $742 million for the quarter or $2.56 per share compared with after-tax net catastrophe losses of $406 million or $1.42 per share in the third quarter of 2004. The combined ratio was 116.5 percent. Net income for the nine months ended September 30 was $792 million, or $2.63 per share, compared with $875 million or $2.95 per share in the same period of 2004.

For the nine months ended September 30, income excluding net realised gains was $711 million, or $2.34 per share, compared with $840 million, or $2.82 per share, in the same period of 2004.

Evan Greenberg, president and chief executive officer of ACE Limited, said: ?The third quarter was a difficult quarter for the insurance industry, and our company was no exception. We experienced a series of significant natural catastrophes including Hurricane Katrina, which alone produced the largest insured loss in history.?