In a breakdown of premiums written in the first quarter, the company said $243.7 million came from global insurance, $211.5 million from global reinsurance, $91.9 million from U.S. insurance and $61.5 million from U.S. reinsurance.

The company's net premiums earned also improved to $302.4 million, compared with $55.6 million recorded in 2002's first quarter.

AXIS' investment figures registered little change--the net investment income, including realized gains, for the 2003 first quarter was $22.6 million, up slightly from $20.6 million recorded one year ago.

"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," said John Charman, president and chief executive officer at AXIS.

"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."

Offering specialty insurance and treaty reinsurance, AXIS' specialty coverage includes terrorism, aviation and marine, war and political risk, as well as commercial property and onshore and offshore energy. Its reinsurance products include marine and aviation, professional liability, worker's compensation, personal accident, and property.