Two Bermuda (re)insurers report positive movement in profitability for the 2012 third quarter, with Axis Capital’s net income inching up and Montpelier Re reversing a 2011 third-quarter net loss.
Pembroke, Bermuda-based Axis Capital says 2012 third-quarter net income was $223 million, compared to $212 million a year ago. Underwriting income was up in both its insurance ($76 million compared to $41 million) and reinsurance ($79 million compared to $50 million) segments.
The company’s combined ratio improved to 85.3 compared to 91.5 in 2011’s third quarter.
Albert Benchimol, Axis president and CEO, says in a statement, “We benefited in the quarter from the low level of catastrophe and large loss activity and the favorable impact of strong equity markets on our overall investment returns.”
He adds, “Generally, pricing conditions continued to improve across almost all of our lines of business, underwriting results across all of our units showed good fundamentals and shifts in our mix of business favored lines showing ongoing improvement. We also continued to show good progress in a number of business initiatives we've been cultivating for some time.”
Montpelier Re reports 2012 third-quarter net income available to common shareholders of $71.7 million, compared to a net loss of $66.2 million a year ago. Underwriting income was $41.7 million compared to an underwriting loss of $33.5 million in 2011’s third quarter.
The company reports a 2012 third-quarter combined ratio of 72.7 compared to 121.5 a year ago.