Axis Capital has reported a 56% increase in its net income for the first quarter of 2004.
The Bermuda-based company said net income had grown to $166.8m, up from $107.1m for the comparable period in 2003.
It said the increase was due to increased underwriting profits and investment income. President and chief executive officer John Charman, said the first quarter of 2004 was the first time all four of the company's underwriting segments had been fully operational.
Gross written premiums for the quarter were up 72% to $1.0bn, compared with $608.6m for the first quarter of 2003.
Axis said $300.4m of its written premiums was derived from global insurance compared to $243.6m in the comparable quarter of 2003, an increase of 23%. In addition, $429.1m of the premiums derived from global reinsurance compared with $211.5m in 2003, an increase of 103%; and $148.3m comes from US insurance.
“The increase in our global reinsurance gross premiums written was largely driven by our strategic expansion into continental Europe.
"The increase in our US insurance and reinsurance gross premiums written was largely driven by greater market penetration and our ability to participate fully in the first quarter's important renewal season,” said the company.
Axis said it had a combined ratio of 72.5% for the first quarter, a small improvement on the 73.1% combined ratio for the first quarter in 2003. The loss ratio was 51.5% and the expense ratio was 21.0%. The company said there had been limited catastrophic loss activity during the quarter.
