Bermuda-based Axis Capital Holdings Ltd. reported a 29 percent increase in second-quarter earnings helped by strong premium growth.

The insurer posted earnings of $223 million, compared with $173 million for the same period last year.

Gross premiums increased to $995 million in the quarter, while net premiums increased to $820 million.

"Margins were essentially in line and premium growth was the blockbuster--up about 30 percent gross and net versus our estimates at essentially flat," wrote Morgan Stanley property-casualty insurance analyst William Wilt.

Mr. Wilt noted that gross premiums in the Global Insurance segment were up 63 percent fueled by property, marine and political risk.

"Axis has it all in our view. Year-to-date Axis has produced a return on equity of 26 percent," he wrote.

The carrier incurred more than $1 billion in losses from last year's hurricanes.

Chief Executive Officer John Charman said in a statement, "At the end of last year we positioned ourselves tactically to substantially reduce catastrophe losses while achieving solid growth in better rated businesses."

Special Reports /

Axis 2nd Quarter Earnings Up 29%

Related Stories

Recommended For You