AXIS First-Quarter Net Up 38 Percent

NU Online News Service, May 1, 11:33 a.m.EDT?AXIS Capital Holdings Limited reported that itsfirst-quarter net profit increased by 38 percent to $107.1 million,helped by a stronger underwriting performance and new businesssegments in U.S. markets.

In the corresponding period last year, the insurer posted $31.7million net income.

The Bermuda-based company said its gross premiums written forthe first quarter were $608.6 million, compared with $265.7 millionposted one year ago for the comparable period.

In a breakdown of premiums written in the first quarter, thecompany said $243.7 million came from global insurance, $211.5million from global reinsurance, $91.9 million from U.S. insuranceand $61.5 million from U.S. reinsurance.

The company's net premiums earned also improved to $302.4million, compared with $55.6 million recorded in 2002's firstquarter.

AXIS' investment figures registered little change--the netinvestment income, including realized gains, for the 2003 firstquarter was $22.6 million, up slightly from $20.6 million recordedone year ago.

"This quarter saw the strong debut of our operations in the U.S.markets through our two new business segments, U.S. insurance andU.S. reinsurance," said John Charman, president and chief executiveofficer at AXIS.

"Our first quarter's results clearly demonstrate the financialbenefit arising from the strong infrastructure and market standingthat we have established over the last 18 months."

Offering specialty insurance and treaty reinsurance, AXIS'specialty coverage includes terrorism, aviation and marine, war andpolitical risk, as well as commercial property and onshore andoffshore energy. Its reinsurance products include marine andaviation, professional liability, worker's compensation, personalaccident, and property.