Arch Capital Group reported net income for the third quarter dropped 84 percent, with a more than 20-point increase in the insurer's combined ratio.

The Hamilton, Bermuda-based company reported net income dropped $173.5 million to $33 million in the quarter compared to the same period last year, translating into 42 cents a share, a loss of $2.34 a share. Revenues were down 14 percent, or $120 million, to $747 million. The combined ratio for the period rose 20.5 points to 105.3.

For the nine months, net income fell 31 percent, or $190 million, to $427.5 million, or $6.23 a share. Revenues for the period were down 6 percent, or $162 million, on a comparative basis, to $2.43 billion. The combined ratio rose 8.8 points, standing at 92.9.

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