AXIS Specialty Announces Quarterly Results.Business Editors PEMBROKE, Bermuda--(BUSINESS WIRE)--May 9, 2002 AXIS Specialty Limited today announced net income of $31.7 million for the quarter ended March 31, 2002 and $34.4 million from inception on November 8, 2001. Gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. for the quarter were $265.7 million and $292.4 million from inception while premiums earned were $55.6 million and $57.5 million over the same periods. Net investment income, excluding realized gains, was $19.8 million and $24.5 million for the quarter and from inception. The Company generated a combined ratio of 79.9% for the quarter and 84.8% for the period from inception. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $1.7 billion as of March 31, 2002. John Charman John R Charman (born 1953), is an English businessman, who has made his career in insurance. He is currently CEO/President/Director at Bermuda based Axis Capital Holdings Ltd. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AXIS Specialty, said, "We believe that these results clearly demonstrate the establishment of the AXIS franchise throughout the global specialty insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. markets. The level of support we have received from our clients and intermediaries has been excellent and reinforces our expectations for the remainder of the year." AXIS Specialty Limited is a Bermuda based company focusing on reinsurance and specialty lines of insurance. Cautionary Note Regarding Forward-Looking Statements The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. |
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