Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has reported a 2008 third-quarter net loss of $249 million, or $1.79 per diluted common share, compared to a third-quarter 2007 net income of $270 million, or $1.65 per diluted common share.

The company cited Hurricanes Ike and Gustav as well as investment losses from the "unprecedented financial market volatility and disruption to the financial system" as reasons for the quarter's results.

For its insurance segment, AXIS reported an underwriting loss of $22 million, compared to a third-quarter 2007 underwriting income of $111 million. The combined ratio was 102.8 compared to 63.3 in 2007. AXIS said it saw net losses of $115 million from Hurricanes Ike and Gustav.

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