Bermuda-based Axis Capital Holdings reported a net loss of $19 million the fourth quarter of 2012, largely on Superstorm Sandy claims, but managed to beat analysts’ estimates by a dollar.While the company reported a loss of 16 cents per share for the quarter, Axis Capital beat the Wall Street consensus of a net loss of $1.16 per share.“We experienced strong results across most parts of our company in the fourth quarter, but our performance was clearly offset by the impact of Storm Sandy, which led to a small loss for the period,” said Axis CEO Albert Benchimol.The fourth-quarter result compares with net income of $80 million, or $.63 per diluted common share, for the fourth quarter of 2011.Superstorm Sandy accounted for $331 million in estimated pre-tax net losses and recorded an aggregate $28 million reduction in their estimate of pre-tax net losses for events earlier in the year including Hurricane Isaac and the US crop losses.For the full year, Axis Capital reported net income of $495 million, or $4 per share, compared with $9 million, or seven cents per share for 2011. For the full year 2012, the company reported operating income of $422 million.The improvement in the company’s annual results was largely due to a reduction in net-after tax losses from natural catastrophe and weather events, which totalled $398 million in 2012 and $910 million in 2011.“Given 2012 included one of the largest US storm events in history, we believe our operating income of $422 million for the year, representing an operating return on equity of 8.2 percent, was an acceptable result,” added Mr Benchimol. “We returned nearly all of our earnings to shareholders, increased our dividend for the ninth year in a row, and ended 2012 with diluted book value per share of $42.97, which represents a 13 percent increase over the prior year.”Axis Capital wrote more business during the quarter and over the year, increasing gross premium written by 13 percent and one percent, respectively. Their combined ratio stood at 96.2 percent for 2012.“We grew meaningfully in lines and markets that experienced some of the strongest price corrections in a steadily improving insurance market,” said Mr Benchimol. “Additionally, we advanced a number of important business initiatives including renewable energy and global accident and health, while at the same time continuing to lay the groundwork for further profitable growth.”Heading into 2013, Axis Capital is looking to diversify its portfolio by pursuing new agriculture and marine reinsurance initiatives and re-entering select casualty markets.In December, the company authorised a new $750 million share common share repurchase plan, which replaced our existing plan set to expire at the end of 2012.