October 27, 2016 by Canadian Underwriter
Axis Capital Holdings Ltd. released Wednesday its financial results for the period ending Sept. 30, reporting a 2% overall increase in Q3 net premiums earned while underwriting income was up 46%.
Pembroke, Bermuda-based Axis Capital reported net premiums earned of $934.4 million in the latest quarter, compared to $919.3 million in Q3 2015. All figures are in United States dollars.
The combined ratio improved four points, from 96.6% in Q3 2015 to 92.6% in the most recent quarter.
Axis, which has an office in Toronto, writes both commercial specialty and reinsurance. Primary insurance coverages include professional lines, property, marine, liability, terrorism, aviation and credit and political risk. In reinsurance, Axis Capital covers property, catastrophe, professional lines, credit and surety, motor and agriculture.
Its estimated catastrophe and weather-related pre-tax net losses were $22 million in the latest quarter, compared to $43 million in Q3 2015.
Q3 underwriting income nearly doubled, from $56.2 million in 2015 to $104 million this year.
Net income was $186.6 million in Q3 2016, down from $257.7 million in Q3 2015.
98.6% in Q3 2015. The combined ratio in reinsurance improved 4.6 points, from 89.7% in Q3 2015 to 85.1% in the most recent quarter.
During the latest quarter, net premiums earned were $489.7 million in reinsurance and $444.7 million in insurance.
Net investment income was up from $45.7 million in Q3 2015 to $117 million in Q3 2016.
For the nine months ending Sept. 30, Axis reported net income of $364 million on net premiums earned of $2.78 billion.
Axis Capital last year reached a tentative agreement to merge with PartnerRe Ltd., which also writes both commercial specialty and reinsurance. But ultimately EXOR S.p.A. acquired PartnerRe after a bidding war. EXOR, based in Turin, Italy, is an investment confirm controlled by the Agnelli family. EXOR’s effectively controls Fiat Chrysler Automobile and the CNH Industrial, which makes farm and construction equipment under the Case and New Holland brands.