AXIS Capital Holdings Ltd. reported a fourth-quarter netloss of $19 million primarily on losses from Superstorm Sandy.

The Pembroke, Bermuda-based insurer and reinsurer says itsuffered significant catastrophe and weather-related losses in thequarter. Sandy accounted for about $331 million in pre-tax losses,net of reinstatement premiums.

The company's fourth quarter net loss to common shareholders was$18.6 million. President and CEO Albert Benchimol declared it “asmall loss for the period.”

The loss compares to net income of $80 million for Q4 of 2011.Fourth-quarter revenues were up 3 percent, or $30 million, to$975 million.

For the year, net income to common shareholders was $495 millioncompared to $9 million for 2011. Revenues rose 3 percent, or $125million, to $3.9 billion.

Sandy has hit carriers' financial results hard, with somereporting $300 million or more in losses. Last week, Chubb reported a 77 percent drop in Q4 profits on Sandycatastrophe losses of $882 million pre-tax.

During a conference call with financial analysts, Benchimol saidAXIS “experienced strong results across most parts of our companyin Q4, but these were fully offset by the impact of StormSandy.”

Considering the company's high exposure in the Mid-Atlantic andNortheast U.S., he said operating income of $422 million for theyear is an acceptable return.

Turning to the insurance market, pricing trends are pointingupward Benchimol said. He pointed to AXIS own rate change ofaverage 4 percent and 5 percent in the quarter. He said there iswide variation across different lines and markets. However,retentions are higher than they were in 2011 “which is a goodoutcome for business we know well in an improving market.”

As far as Sandy's impact on pricing, he said “pricing wasstronger in December than it was in November, which is goodnews.”

One line of business Benchimol said the company is venturinginto is crop insurance because it is viewed as a growth area. Foodproducts are becoming a bigger part of the economy on both thelocal and international level.

Addressing rates in general, he said “the market is about asgood as we've seen it in a long, long time.” Primary insurers aregetting out of markets or withdrawing some business, saidBenchimol. This is a prime opportunity for AXIS to become availableto these new customers, saying “once they find a new carrier it'llbe more difficult to access that business.”