Results in brief

Axis Specialty , one of the new Bermuda cat specialists, produced net income of US$153.8mn for the first three quarters of the year. Gross premiums totalled US$778.7mn, of which US$294.8mn derived from treaty reinsurance and US$483.9mn from specialty lines. Net earned premiums totalled US$317.8mn and net investment income US$71.6mn. The combined ratio was 74.9%.