Two Bermuda (re)insurers report positive movement in profitability for the 2012 third quarter, with Axis Capital's net income inching up and Montpelier Re reversing a 2011 third-quarter net loss.
Pembroke, Bermuda-based Axis Capital says 2012 third-quarter net income was $223 million, compared to $212 million a year ago. Underwriting income was up in both its insurance ($76 million compared to $41 million) and reinsurance ($79 million compared to $50 million) segments.
The company's combined ratio improved to 85.3 compared to 91.5 in 2011's third quarter.
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