Axis 1Q confirms turbulent 2006 market
Bermudian (re)insuer Axis has reported net income of $195.2m for the 1st quarter 2006, up from $151.8m for the same quarter in 2005. However gross reinsurance premiums fell 5.4% in the same period as the reinsurer reassessed its Cat book and adverse exchange rate fluctuations hit the top line.
Confirming a tougher stance on Cat pricing and risk selection as well as heightened competition in other lines John Charman, CEO and president of AXIS Capital, said:
"Within a week of Hurricane
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