AXIS Capital Holdings Limited earned $265.1 million in its first year of business, as it wrote gross premiums of more than $1 billion.

AXIS, formed in the wake of the September 11 terrorist attacks, said it had gross written premiums of $1.11 billion.

"We are delighted that AXIS has achieved so much in such a short period of time," said John Charman, president and CEO.

"There is so much yet to do.

"The support we have received from our global clients and intermediaries has been, and continues to be, outstanding."

"Of the premiums written during the year, $793.8 million was derived from specialty lines and $314.2 million from treaty reinsurance," a statement from the company said.

Axis had net premiums earned of $536.8 million which were split $314.6 million in respect of specialty lines and $222.2 million in respect of treaty reinsurance

Net investment income, including realised gains of $26.1 million, was $97.4 million.

The company's loss ratio was 42.7 percent and its combined ratio was 70.7 percent.

Shareholders' equity was $1,961.0 million as of December 31, 2002.