The Chubb Corp. reported that its third-quarter net income dropped 64 percent, primarily from catastrophe losses related to Hurricane Ike, but its combined ratio managed to come in below 100 despite the losses.

The Warren, N.J.-based insurer reported net income of $264 million, a drop of $474 million from the same quarter last year ($738 million), translating into net income per share of 73 cents, a drop of $1.14 from a year ago.

Net premium written in the quarter dropped 1 percent versus last year, or $38 million, to $2.9 billion.

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