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Bermudian insurer/reinsurer Axis Capital Holdings...

... saw Q1 net earnings fall 51% to $115.7m, largely stemming from a 30% drop in underwriting income to $97.2m and a swing to realised investment losses of $40.6m from year-earlier gains of $35.7m. The group’s net earned premiums grew 1% to $665.4m, while claim losses rose 7.3% to $388m, with reinsurance operations accounting for both increases. The combined ratio rose to 86.6% from 81.2%. President and chief executive John Charman said that Axis remains “broadly defensive throughout our underwriting and investment activities”, noting that the company delivered a 2% rise in book value for the quarter.






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