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Axis' profit falls 90% after high cat losses

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High catastrophe and weather-related costs led to a nearly 90% year-over-year decline in Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd.'s profit in the first quarter, The Royal Gazette reports. Profit fell to $5 million from $38 million in the first quarter of 2016. Gross written premiums decreased 2% to nearly $2 billion.

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