One of Bermuda’s newest insurers, AXIS Specialty Limited, announced net income of $31.7 million for the quarter ended March 31, 2002 and $34.4 million from its inception last November.
The company, set up by MMC Capital’s Trident II LP fund and other investors, with an initial capital of $1.6 billion, has already written gross premiums of $292.4 million during its brief life.
It also announced that “net investment income, excluding realized gains, was $19.8 million and $24.5 million for the quarter and from inception. The Company generated a combined ratio of 79.9% for the quarter and 84.8% for the period from inception. Shareholders’ equity was $1.7 billion as of March 31, 2002.”
Commenting on the results, John Charman AXIS, President and CEO stated, “We believe that these results clearly demonstrate the establishment of the AXIS franchise throughout the global specialty insurance and reinsurance markets. The level of support we have received from our clients and intermediaries has been excellent and reinforces our expectations for the remainder of the year.”
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