AXIS Specialty Announces Third Quarter Results.Business Editors PEMBROKE, Bermuda--(BUSINESS WIRE)--Oct. 24, 2002 AXIS Specialty Limited today announced net income of $92.1 million for the quarter and $153.8 million for the nine months ended September 30, 2002. 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 and the nine months ended were $252.3 million and $778.7 million. Of the premiums written during the quarter $179.1 million was derived from specialty lines and $73.2 million from treaty 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. . Specialty lines and treaty reinsurance accounted for $483.9 million and $294.8 million, respectively, of the premium written for the nine months. Net premiums earned were $167.7 million and $317.8 million over the same periods. Net investment income, including realized gains, was $28.3 million and $71.6 million for the quarter and the nine months. The Company generated a combined ratio of 63.3% for the quarter and 74.9% for the nine months. 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 $1.8 billion as of September 30, 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, "Our strong third quarter earnings confirm that the transformational nature of the global insurance and reinsurance market dislocations are indeed creating an exceptional opportunity to establish long term strategic value for Axis. We continue to be extremely focused and disciplined in our business approach." AXIS Specialty Limited is a Bermuda based company, with shareholders' equity in excess of $1.8 billion, focusing on reinsurance and specialty lines of insurance. It is rated A- (Excellent) by A.M. Best Company, Inc. 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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