Despite substantial catastrophe losses hitting its reinsurance results and "mindless and irrational" competition in the insurance market, Bermuda-based AXIS Capital Holdings reported a 13 percent jump in second-quarter net income.
Net income for second-quarter 2007 was $251.5 million, or $1.51 per share, compared with $223.4 million, or $1.37 per share.
For the first six months, net income was $479.2 million, or $2.88 per share, compared with $418.6 million, or $2.56 per share, for the first half of 2006.
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