Bermuda-based AXIS Capital Holdings Limited (www.axis.bm) announced its results for the year ended Dec. 31, 2002.
Gross premiums written for the year were $1,108.0 million. Of the premiums written during the year, $793.8 million was derived from specialty lines and $314.2 million from treaty reinsurance. The company generated net premiums earned of $536.8 million which were split $314.6 million in respect of specialty lines and $222.2 million in respect of treaty reinsurance. Net investment income, including realized gains of $26.1 million, was $97.4 million for the year. Net income was $265.1 million for the year ended Dec. 31, 2002. The company’s loss ratio was 42.7% and its combined ratio was 70.7 percent. Shareholders’ equity was $1,961.0 million as of Dec. 31, 2002.
John Charman, president and CEO, noted, “We are delighted that AXIS has achieved so much in such a short period of time. There is so much yet to do. The support we have received from our global clients and intermediaries has been, and continues to be, outstanding.”
Was this article valuable?
Here are more articles you may enjoy.
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
Miami Moves to Seize Part of Posh Island After Fuel Fight 
