NEW YORK (Dow Jones/AP) - AXIS Capital Holdings Ltd. became the latest in a string of Bermuda-based insurance companies to come public since the Sept. 11 terrorist attacks, rising in its market debut Tuesday.

In afternoon trading, shares of AXIS were at $25.90, 18 percent above the $22 offering price.

The initial public offering of 21.5 million shares priced above estimates of $19.50 to $21.50 a share.

Many established insurance companies were saddled with heavy claims after the Sept. 11 attacks on top of older liabilities from asbestos and environmental claims.

A need worldwide for new insurance capacity prompted a move to set up new insurers unencumbered by the problems of the industry.

Since the attacks, $15 billion of new capital has been invested in insurance businesses in Bermuda, according to data from AXIS included in its offering documents filed with the Securities and Exchange Commission. AXIS, founded in November 2001, was part of this wave.

Despite being a new company, AXIS is profitable. In 2002 it had $1.1 billion in gross premiums written, for net income of $265.1 million.

In the first quarter of this year, AXIS reported $107.1 million in net income on $608.6 million in gross premiums.

Unlike many IPO companies, AXIS plans to pay a dividend to shareholders - 7 cents a share each quarter.

Recent Bermuda insurance IPOs have performed well. Endurance Specialty Holdings Ltd., for instance, made its own NYSE debut on Feb. 28 at $23 a share, and began Tuesday at $29.85. Montpelier Re Holdings Ltd. trades at $31.60, well above its own $20 offering price. Montpelier began initial trading on Oct. 10.

Some investors in AXIS, including Marsh & McLennan Cos., J.P. Morgan Chase & Co., The Blackstone Group and Thomas H. Lee Partners, cashed out part of their investments in the IPO. These investors had paid $12.51 a share on average for their stake, according to SEC filings.