Axis' profit falls 90% after high cat losses
Posted On: May. 3, 2017 4:00 AM CSTHigh 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.