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Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd.'s net income increased 22% year-on-year to $173 million in the first quarter of 2023, while gross written premiums fell 10% year-on-year to $2.4 billion, The Royal Gazette reported. The insurer recorded $38 million in pre-tax catastrophe and weather-related losses, net of reinsurance, mainly attributable to Cyclone Gabrielle, New Zealand floods and other weather-related events.