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Axis Capital's income hit by Tianjin explosion, weather losses

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Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd.'s net income fell to $248 million in the third quarter of 2015, compared with $279 million reported in the third quarter of 2014, reports The Royal Gazette.

Axis' gross premiums written increased 4% to $937 million. Catastrophe and weather-related pre-tax net losses totaled an estimated $43 million, including $30 million from the Tianjin port explosion. Axis has been affected by volatility in its investment portfolio and "unusually high" offshore energy losses, said Axis chief executive Albert Benchimol.

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