An increase of $30 million in the loss estimates relating to Japanese typhoons Jebi and Trami impacted AXIS Capital first quarter results.
The insurer’s profitability took a slight dip year-on-year, with the combined ratio for the quarter at 96.9 percent, compared with 90.8 percent in Q1 2018.
However, AXIS Capital’s net income for the quarter was $98 million, up from $63 million for the same period last year.
Gross premiums written decreased by $80 million, with a $30 million decrease in the insurance segment and a $50 million decrease in the reinsurance segment.
“Notwithstanding increasing loss estimates for the Japanese windstorms Jebi and Trami, our underlying underwriting results improved across nearly all of our lines,” said Albert Benchimol, president and CEO of AXIS Capital.
“This progress reflects our disciplined actions in recent years to strengthen our market position and improve portfolio profitability and volatility, a commitment that continues into 2019, as we invest in new strategic capabilities and further pare back on volatile and less profitable business.”
AXIS Capital, Results, Typhoons, Catastrophe, Bermuda