Axis swings to profit despite $85mn NZ quake loss
Axis Capital reported an estimated $85mn net loss from the New Zealand earthquake that did not prevent a significant swing to a third quarter $239mn net profit from a $96mn net loss in the prior-year period.
But, once the impact of prior-year writedowns are factored out, the underlying performance of the Bermudian (re)insurer was largely flat, with operating income up from $152mn in the third quarter of 2009 to $164mn.
Axis reported a combined ratio of 85.6 percent that marked...
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