Validus Holdings reports third-quarter net income was down 11.5percent to $183.4 million.

The Pembroke, Bermuda insurer and reinsurer says underwritingincome during the third quarter was $166.8 million compared to$143.1 million a year ago during the same time.

The combined ratio of 68.6 improved slightly from 69.9 last yearduring the third quarter. This year's combined ratio result wasaided by 12.2 points attributable to favorable loss reservedevelopment.

Validus reports more third-quarter expenses—$45.3 million totalcorporate and finance expenses compared to $24.3 million last year.Also, net investment income was down $5.5 million to $20 millionfor the third quarter.

Investments Drag Q3 Results for AlliedWorld

Underwriting income at Zug, Switzerland-based Allied WorldAssurance Co. Holdings increased 52.9 percent to $80.1 millionduring the third quarter, compared to the same quarter in2012.

However, third-quarter net income fell to $122.8 millioncompared to $219.6 million a year ago. Net realized investmentgains were much lower during the third quarter—$27.5 million from$149.8 million in 2012.

Allied World reports a third quarter combined ratio of 84.2 from88.1 during the same period last year. The specialty insurer saysit recorded net favorable reserve development of $61.5 millioncompared to $56.2 million a year ago.

CNA Financial Q3 Income Up

CNA Financial Corp. says third quarter net income was $272million compared to $221 million a year ago during the sameperiod.

The Chicago-based commercial insurer says underwriting andfavorable prior-year reserve development offset high catastrophelosses in P&C operations, where net operating income was $330million during the third quarter versus $264 million in 2012'sthird quarter.

CNA says third-quarter net written premiums in CNA Specialtyincreased $55 million to $778 million, driven by rate increases of6 percent.

Underwriting actions was the cause of a $51 million decrease inthird-quarter net premium written in CNA Commercial, to $760million. Average rate increased 8 percent during the thirdquarter.