Bermuda-based Aspen Insurance reported a net income after tax of $115.1 million for the third quarter, citing low catastrophe levels.This is compared to a net income of $21.2 million for the same period in 2011.The company, which provides reinsurance and insurance coverage, also reported diluted net earnings per share of $1.45 for the quarter compared with diluted net earnings per share of $0.21 in the third quarter of 2011.The company wrote more business in the third quarter, increasing gross premium written by 12.7 percent from the same period in 2011 to $558.4 million with the majority of the growth resulting from a 36.2 percent increase in the insurance segment.“Our operating income for the third quarter was $106.5 million, equivalent to diluted earnings per share of $1.34 and the result of positive performances in both reinsurance and insurance,” said CEO Chris O’Kane.“Diluted book value per share grew 3.8 percent in the quarter to $41.53 and we generated an annualised operating return on equity of 13.2 percent.”Mr O’Kane continued: “We enter the final quarter of the year with positive momentum and a strong capital position as we continue to execute our diversified business strategy and to manage capital effectively.”Aspen reported net favourable development on prior year loss reserves of $29.8 million, or 5.8 combined ratio points, for the quarter compared with $15.6 million, or 3.2 combined ratio points, for the third quarter of 2011.During the third quarter of 2012, Aspen repurchased 864,634 ordinary shares in the open market at an average price of $28.91 per share for a total cost of $25.0 million. Aspen also announced that its Board of Directors has approved a new share repurchase authorisation for up to $400 million of outstanding ordinary shares.Aspen continues to anticipate gross written premiums for 2012 to be $2.4 billion plus or minus five percent.The full-year guidance range for combined ratio is reduced to 89 percent to 93 percent from 93 percent to 98 percent reflecting the absence of significant third quarter catastrophe losses and assuming normal loss experience in the fourth quarter.