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.
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