AXIS profits rise on calmer cat season

PEMBROKE, Bermuda--AXIS Capital Holdings Ltd. reported profits of $644.8 million for the first nine months of 2006 compared with a loss of $143.4 million in the same period last year, when the company was hit by losses from hurricanes Katrina and Rita.

The Pembroke, Bermuda-based insurer and reinsurer reported gross premiums written of $2.90 billion in the 2006 period, a 4.8% increase over the same period in 2005.

AXIS reported a combined ratio of 78.5% for the 2006 nine months, compared with 112.4% for the 2005 period.

For the third quarter of 2006, AXIS reported profits of $226.2 million compared with a loss of $468.1 million in the 2005 third quarter.