Bermuda-based Axis Capital Holdings Limited reported an 8 percent dip in second-quarter net income compared to the same period in 2007. The company attributed results to increases in market competition and loss activity in the property lines.
Net income was reported at $240.5 million compared to $260.8 a year ago.
Gross premiums written dropped from $959.4 million for both the insurance and reinsurance segments in 2007 to $874.2 million this past quarter. For the insurance segment, Axis said it decreased its written premiums due to the competitive market conditions.
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