AXIS Capital Holdings Ltd. (AXS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Axis Capital Holdings Ltd. has a market cap of $4.19 billion; its shares were traded at around $32.31 with a P/E ratio of 6.3 and P/S ratio of 1.5. The dividend yield of Axis Capital Holdings Ltd. stocks is 2.6%. Axis Capital Holdings Ltd. had an annual average earning growth of 4.5% over the past 5 years.AXS is in the portfolios of Richard Pzena of Pzena Investment Management LLC, John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC, Paul Tudor Jones of The Tudor Group, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, Chuck Royce of Royce& Associates.
Our reinsurance segment generated an underwriting loss of $5 million in the first quarter of 2010, compared to income of $61 million in the first quarter of 2009. This variance was primarily driven by the higher level of catastrophe losses, discussed above.
Unprecedented volatility and turmoil in the global financial markets during 2008 and 2009 led to significant impairment charges on our available-for-sale investments in the prior year. In the first quarter of 2009, net realized investment losses included other-than-temporary impairment (OTTI) charges of $30 million and losses on the sale of preferred shares amounting to $15 million. Financial markets were comparatively stable in the first quarter of 2010 and OTTI charges declined to $6 million.
Our March 31, 2009 DBV per common share was depressed as a result of unprecedented turmoil in global credit and equity markets. By December 31, 2009, our DBV per common share had recovered to $33.65 due to: (1) a recovery in global financial markets resulting in improved valuations for our available-for-sale securities, (2) the generation of net income available to common shareholders of $345 million in the last three quarters of 2009 and (3) the execution of share repurchases in the fourth quarter of 2009. The increase in the first quarter of 2010 was primarily driven by net income, the execution of further share repurchases at a discount to diluted book value and net increases in the fair value of our investments.
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Axis Capital Holdings Ltd. has a market cap of $4.19 billion; its shares were traded at around $32.31 with a P/E ratio of 6.3 and P/S ratio of 1.5. The dividend yield of Axis Capital Holdings Ltd. stocks is 2.6%. Axis Capital Holdings Ltd. had an annual average earning growth of 4.5% over the past 5 years.AXS is in the portfolios of Richard Pzena of Pzena Investment Management LLC, John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC, Paul Tudor Jones of The Tudor Group, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Total underwriting income for the first quarter of 2010 decreased $69 million, or 71%, from the same period of 2009. The decrease was driven by higher catastrophe losses, in particular, net losses incurred of $100 million as a result of the Chilean earthquake in February 2010 (net of related reinstatement premiums). Other net catastrophe losses this quarter included Australian storms, European Windstorm Xynthia and U.S. winter storms, together totaling $47 million. Catastrophe losses in the first quarter of 2009 were less significant and emanated largely from European Windstorm Klaus.Our reinsurance segment generated an underwriting loss of $5 million in the first quarter of 2010, compared to income of $61 million in the first quarter of 2009. This variance was primarily driven by the higher level of catastrophe losses, discussed above.
Unprecedented volatility and turmoil in the global financial markets during 2008 and 2009 led to significant impairment charges on our available-for-sale investments in the prior year. In the first quarter of 2009, net realized investment losses included other-than-temporary impairment (OTTI) charges of $30 million and losses on the sale of preferred shares amounting to $15 million. Financial markets were comparatively stable in the first quarter of 2010 and OTTI charges declined to $6 million.
Our March 31, 2009 DBV per common share was depressed as a result of unprecedented turmoil in global credit and equity markets. By December 31, 2009, our DBV per common share had recovered to $33.65 due to: (1) a recovery in global financial markets resulting in improved valuations for our available-for-sale securities, (2) the generation of net income available to common shareholders of $345 million in the last three quarters of 2009 and (3) the execution of share repurchases in the fourth quarter of 2009. The increase in the first quarter of 2010 was primarily driven by net income, the execution of further share repurchases at a discount to diluted book value and net increases in the fair value of our investments.
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