AXIS Capital’s combined ratio soared to 109.4 percent in the third quarter, hit by catastrophes, and losses in its credit and aviation lines.
The ratio is up from 97.9 percent a year ago. Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums were $160 million, primarily attributable to Hurricane Dorian, the Japanese typhoons, and other weather-related events in the quarter, compared with $92 million in 2018.
Gross premiums written fell by $17 million, or 1 percent, to $1.4 billion with a decrease of $74 million or 8 percent in the insurance segment. In reinsurance, GWP rose to $512 million, from $454 million, a 13 percent increase.
Net income fell to $28 million from $43 million. As with many reinsurers, the net income figures have been kept positive by investment income, AXIS reported net investment income of $116 million.
Albert Benchimol, president and chief executive of AXIS Capital, said: “This was a disappointing quarter, where our performance was marred by catastrophes that impacted our industry, coupled with mid-size losses in our credit and aviation lines.
AXIS Capital, 2019 results, Credit Insurance, Aviation Insurance, Catastrophe, Insurance, Reinsurance, Albert Benchimol, North America