AXIS Notes 1stQ Results

Bermuda-based AXIS Capital Holdings Limited announced its results for the quarter ended March 31, 2003.

Gross premiums written for the quarter were $608.6 million compared to $265.7 million for the quarter ended March 31, 2002. Of the premiums written during the current quarter, $243.7 million was derived from global insurance, $211.5 million from global reinsurance, $91.9 million from U.S. insurance and $61.5 million from U.S. reinsurance. Net premiums earned were $302.4 million compared to $55.6 million over the corresponding quarter in 2002.

Net investment income, including realized gains, for the quarter was $22.6 million compared with $20.6 million for the first quarter of 2002. The company generated a loss ratio of 48.4 percent and a combined ratio of 73.1 percent compared to 52.8 percent and 79.9 percent respectively, for the quarter ended March 31, 2002. Net income was $107.1 million compared to $31.7 million for the quarter ended March 31, 2002. Shareholders’ equity as of March 31, 2003 was $2.1 billion.

John Charman, president and CEO, noted, “We have continued to drive substantial value added growth through our established global insurance and reinsurance lines of business. This quarter saw the strong debut of our operations in the U.S. markets through our two new business segments, U.S. insurance and U.S. reinsurance. The establishment of the global AXIS franchise, synonymous with quality in both insurance and reinsurance, is now largely complete. Our first quarter’s results clearly demonstrate the financial benefit arising from the strong infrastructure and market standing that we have established over the last 18 months.”