AXIS Capital Holdings Ltd. (AXS): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report


AXIS Capital's first-quarter earnings fell short of the Zacks Consensus Estimate and deteriorated year over year. The reported quarter suffered lower investment income due to alternative investments and higher property losses in the insurance segment. Top line improved on the back of higher premiums. Moreover, the company is also engaged in enhancing its shareholders' value through share repurchase and dividend payments. Both Insurance and Reinsurance segments' premium continues increase. We expect new business and product generation, and platform expansion to aid the company's performance going forward. The commencement of Lloyds franchise for the new AXIS syndicate 1686 marked another milestone in the expansion of its global underwriting platform. A solid capital position, strong scores with the credit rating agencies are among other positives. However, expenses continue to escalate, creating pressure on margins.


Incorporated in Nov 2001, AXIS Capital was one of the several insurance carriers formed to take advantage of the enhanced insurance demand following the 9/11 terrorist attacks. Bermuda-based AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance. The company operates in Bermuda, the U.S., Singapore, and Europe. The company was listed on the NYSE in Jul 2003.

AXIS Capital has two reportable segments:

The Insurance segment (47% of net premiums earned in 2013) offers a diverse portfolio of primary and excess products, ranging from property, marine, energy and casualty insurance to professional lines, aviation, terrorism, credit and political risk, customized insurance programs with managing general agency (MGA) partners and other specialized coverage.

The Reinsurance segment (53%) provides property and casualty treaty reinsurance to insurance companies predominantly on an excess-of-loss basis. Since inception, this segment has been a reinsurer of natural and man-made catastrophe exposures as well as traditional property business, professional lines, liability, motor, credit/bond and other specialty risks globally.

Source: Company

As of March end 2014, AXIS Capital had shareholders' equity of $5.83 billion, (down 1% year over year) and total assets of $21.0 billion (up nearly 6.6% year over year).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Stocks

Referenced Stocks: AXS , MGA

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