Bermuda-based Platinum Underwriters reported net income of $84.9 million for the third quarter 2012 despite suffering $17.6 million in underwriting losses related to North American crop reinsurance.Platinum’s net income is a huge swing to profit compared to the same quarter last year when it recorded a net loss of $53.5 million.The results for the quarter include net premiums earned of $138.6 million, net favourable development of $61.3 million, net investment income of $23.2 million and net realised gains on investments of $23 million, partially offset by US crop insurance losses.Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the third quarter were $64.9 million, $72.4 million and $8.7 million, respectively, representing 44.4 percent, 49.6 percent and six percent, respectively, of total net premiums written.The combined ratio for the quarter, which reflects the proportion of premium dollars spent on claims and expenses, was 61.3 percent.“Our results reflect favourable prior period development, a low level of major catastrophe activity, crop losses arising from the severe US drought conditions, strong investment results on a total return basis and active capital management,” said Michael Price, Platinum’s CEO. “Our book value per common share grew to $54.60 as of September 30, 2012, an increase of 5.3 percent from June 30, 2012.”Mr Price added: “As we conclude our tenth full year of operations as a public company, our strong balance sheet and excellent reinsurance market access leave us well positioned for the underwriting, investment and capital management opportunities that lie ahead.”Total assets for the company for the nine months were $4.5 billion as of September 30, 2012, a decrease of $58.7 million (or 1.3 percent) from December 31, 2011.Shareholders’ equity was $1.8 billion as of September 30, 2012, an increase of $99.1 million (or 5.9 percent) from December 31, 2011. Book value per common share was $54.60 as of September 30, 2012 based on 32.8 million common shares outstanding, an increase of $7.01 (or 14.7 percent) from $47.59 as of December 31, 2011 based on 35.5 million common shares outstanding.During the quarter, the company repurchased an aggregate of 491,791 common shares for $19.7 million at a weighted average cost, including commissions, of $40.05 per share.