Profits at property/casualty reinsurer TransRe, which is owned by Alleghany Corporation, fell in the first nine months of 2016.
Trans Re's earnings before income taxes were $414.1 million for the nine-month period ending September 30, down from $441.3 million for the same period in 2015.
TransRe's underwriting profit was $181.7 million in the first nine months, down 22.2 percent year-on-year (YOY).
The company's combined ratio in the period for the period was 93.9 percent, up 4.4 percentage points from last year.
The reinsurer’s net premiums written increased to $3 billion for the nine months, a 25 percent increase on the year before. The company attributed this to $624.2 million of premiums recorded in connection with a large whole account quota share treaty placed as of December 31, 2015.