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Bermuda-based AXIS Capital Holdings reported fourth-quarter net income rose to $281 million from $233 million in the same 2005 period.

Reacting to AXIS’ results, Bank of America securities analyst Tamara Kravec wrote that “the key takeaway for us is that Axis generated most of the upside from better-than-expected current period underwriting results, as opposed to prior-period development.”

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