Axis Capital’s reported an operating loss of $65m (£50m) in its third quarter of trading, compared with its $33m (£27m) loss last year, which the group attributed to Covid-19 and natural weather disasters.
The estimated pre-tax catastrophe, weather-related losses, net of reinsurance and reinstatement premiums, totalled $240m (£186m) in the period, against the $160m (£124m) loss reported the year before.
Gross premiums written decreased 5% to $1.3bn (£1bn) due to a fall in the reinsurance segment by 23%, which was partially offset by the $41m (£31.6m) rise in the insurance segment.
In the same period, total revenues per share for Q3 were reported at $1.25bn (£964m), which showed a marginal decline from last year’s results of $1.28bn (£994m).
Albert Benchimol, president and CEO of Axis Capital, said: “This was a quarter in which the world and our industry were impacted by exceptional levels of cat loss activity.
“The losses that we experienced during the quarter were consistent with our reduced catastrophe exposure, reflecting the changes that we’ve made in recent years to reposition our portfolio.”
He added: “Axis is well positioned in its chosen markets, we have excellent relationships with our producers, and we’re seeing strong pricing momentum, highlighted by a 16% rate increase during the quarter in our insurance segment.
“We’re confident that Axis is on a strong path forward, as we continue to build a world class leader in specialty risks.”