We continue to retain our Neutral rating on AXIS Capital Holdings Ltd. (NYSE:AXS) given the substantial exposure to catastrophe losses and low interest rate environment weighing on net investment income.
The company suffered huge catastrophe losses in the third quarter. The company suffered pre-tax net losses (net of reinstatement premiums) of $91 million largely due to Hurricane Irene, Tropical Storm Lee and Danish flooding. Underwriting income also dropped 29% year over year in the quarter. The … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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