AXIS Capital Net Income Up 60%

Of the $633.9 million in gross premiums written, the company reported that $249.3 million came from its global insurance, up from $179.1 million the segment posted one year ago, while $114.6 million were from global reinsurance, an improvement from the $73.2 million that segment reported last year.

Of the two new segments, U.S. insurance contributed $188 million in gross premiums written and U.S. reinsurance added $82 million. Both segments began underwriting at the start of 2003, the company said.

For the third quarter of 2003, the company had a 69.2 percent combined ratio, compared with 63.3 percent from one year ago.

"We are delighted to show continuing significant high quality premium growth in all four of our underwriting segments despite the third quarter being a traditionally slow production period for many of our business lines," said John Charman, chief executive officer at AXIS Capital. "Our global AXIS Capital franchise has been able to produce for our shareholders strong, real net income for the quarter."

Offering specialty insurance and treaty reinsurance, AXIS said its 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.