Bermuda-based Axis Capital Holdings contributed $18 million to insurance broker Marsh & McLennan's bottom line following a revaluing of the broker's investment in the company.

Marsh said in its earning release yesterday that it held a stake in the insurance company formed in the wake of the September 11 terrorism attacks through private investment equity fund Trident II.

Overall, Marsh's revenue from risk and insurance services rose 18 percent to a quarterly record of $1.6 billion. Underlying revenue growth rose 16 percent.

Axis is Marsh's latest investment in a Bermuda insurer. In the past, it has invested in ACE Ltd., XL Capital and Mid-Ocean Re (now part of XL).