AXIS First-Quarter Net Up 38 Percent

NU Online News Service, May 1, 11:33 a.m. EDT?AXIS Capital Holdings Limited reported that its first-quarter net profit increased by 38 percent to $107.1 million, helped by a stronger underwriting performance and new business segments in U.S. markets.

In the corresponding period last year, the insurer posted $31.7 million net income.

The Bermuda-based company said its gross premiums written for the first quarter were $608.6 million, compared with $265.7 million posted one year ago for the comparable period.

In a breakdown of premiums written in the first quarter, the company said $243.7 million came from global insurance, $211.5 million from global reinsurance, $91.9 million from U.S. insurance and $61.5 million from U.S. reinsurance.

The company's net premiums earned also improved to $302.4 million, compared with $55.6 million recorded in 2002's first quarter.

AXIS' investment figures registered little change--the net investment income, including realized gains, for the 2003 first quarter was $22.6 million, up slightly from $20.6 million recorded one year ago.

"This quarter saw the strong debut of our operations in the U.S. markets through our two new business segments, U.S. insurance and U.S. reinsurance," said John Charman, president and chief executive officer at AXIS.

"Our first quarter's results clearly demonstrate the financial benefit arising from the strong infrastructure and market standing that we have established over the last 18 months."

Offering specialty insurance and treaty reinsurance, AXIS' specialty coverage includes terrorism, aviation and marine, war and political risk, as well as commercial property and onshore and offshore energy. Its reinsurance products include marine and aviation, professional liability, worker's compensation, personal accident, and property.

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AXIS First-Quarter Net Up 38 Percent

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