Cat & marine losses hit Axis in Q2

Bermuda-based Axis Capital was hit with catastrophe and marine insurance losses in the second quarter of 2015.

In a preliminary announcement, Axis said it expects operating income to reach between $91 million and $97 million.

It expects catastrophe and weather-related pre-tax net losses of approximately $39 million, primarily related to weather loss events in the US and Australia.

Axis also experienced large losses in its marine insurance segment which contributed approximately $40 million in pre-tax net losses.

The losses were approximately $33 million above Axis’ historical annual average for this line of business, and related to energy offshore events which are expected to result in insured industry losses in excess of $1.5 billion.

“Notwithstanding the volatility inherent in this line of business, the marine line has delivered a combined ratio below 80 percent over the past five years and is one of our most profitable lines,” said Axis.