AXIS Specialty Limited, one of the largest of Bermuda’s new insurers, announced that it produced $92.1 million in net income for the third quarter and $153.8 million for the nine months ended September 30.
The company, established late last year by MarshMac’s Trident II Investment Trust and other investors with capitalization of $1.8 billion, posted $252.3 million in gross premiums written for the quarter and $778.7 million for the first nine months of the year. It stated that “Of the premiums written during the quarter $179.1 million was derived from specialty lines and $73.2 million from treaty reinsurance. Specialty lines and treaty reinsurance accounted for $483.9 million and $294.8 million, respectively, of the premium written for the nine months.”
The announcement indicated that “Net premiums earned were $167.7 million and $317.8 million over the same periods. Net investment income, including realized gains, was $28.3 million and $71.6 million for the quarter and the nine months.” AXIS achieved a combined ratio of 63.3% for the quarter and 74.9% for the first nine months.
President and CEO John Charman stated that “Our strong third quarter earnings confirm that the transformational nature of the global insurance and reinsurance market dislocations are indeed creating an exceptional opportunity to establish long term strategic value for Axis. We continue to be extremely focused and disciplined in our business approach.”
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