AXIS Capital Holdings Limited, one of Bermuda's post 9/11 insurance start-ups yesterday announced strong profits for the first quarter 2003.

Gross premiums written for the quarter were $608.6 million compared to $265.7 million for the quarter ended March 31, 2002. Of the premiums written during the current quarter, $243.7 million was derived from global insurance, $211.5 million from global reinsurance, $91.9 million from U.S. insurance and $61.5 million from U.S. reinsurance.

Net premiums earned were $302.4 million compared to $55.6 million over the corresponding quarter in 2002. Net investment income, including realised gains, for the quarter was $22.6 million compared with $20.6 million for the first quarter of 2002.

The company generated a loss ratio of 48.4% and a combined ratio of 73.1% compared to 52.8% and 79.9% respectively, for the quarter ended March 31, 2002. Net income was $107.1 million compared to $31.7 million for the quarter ended March 31, 2002.

Shareholders' equity as of March 31, 2003 was $2.1 billion.

John Charman, president and chief executive officer said, "We have continued to drive substantial value added growth through our established global insurance and reinsurance lines of business.

"This quarter saw the strong debut of our operations in the U.S. markets through our two new business segments, US insurance and US reinsurance. The establishment of the global AXIS franchise, synonymous with quality in both insurance and reinsurance, is now largely complete.

"Our first quarter's results clearly demonstrate the financial benefit arising from the strong infrastructure and market standing that we have established over the last 18 months."