Specialty-lines insurer Axis Capital reports second-quarter net income of $72 million, compared to $168 million during the same time a year ago.
Gross written premiums increased 20 percent to $1.2 billion, with growth of 29 percent in its reinsurance segment and 16 percent in its insurance segment.
The current accident-year loss ratio is 72.4 percent compared to 63.7 percent in 2012, with catastrophe losses of $140 million, largely driven by U.S. hailstorms and tornadoes and by significant flooding in Canada, Europe and Argentina.
The company's combined ratio increased to 101.7 percent in the quarter compared to 92.3 percent in the same quarter last year.
Axis' insurance segment reported gross written premiums of $781 million in the quarter, up 16 percent from the second quarter of 2012, buffered by its Accident & Health, Liability and Professional lines. However, it posted and underwriting loss of $55 million for the quarter, compared to underwriting income of $25 million for the second quarter of last year.
The reinsurance segment reported gross written premiums of $439 million in the second quarter of 2013, up 29 percent from same time last year. Half of this increase was driven by Axis' agriculture initiative and an increase in its Liability business. The segment reported underwriting income of $65 million for the quarter, compared to $95 million in the comparable period last year. The drop was caused by aggregate net losses from European and Canada flooding.
Overall, for the six months ended June 30, 2013, AXIS Capital reported six-month net income $375 million, compared to $290 million for corresponding period 2012.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
