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Axis Capital swings to profit in Q3

Axis Capital Holdings, a Bermuda-based provider of specialty insurance and treaty reinsurance services, has reported a net income of $239m, or $1.78 per diluted common share, for the third quarter of 2010, compared to a net loss of $96m, or $0.70 per diluted common share, for the third quarter of 2009.

The Axis capital reported a total revenue of $948.08m for the third quarter of 2010m, compared to $451.71m for the same quarter of the previous year.

The net premiums earned were $759m for the third quarter of the 2010, compared to $706m for the same corresponding quarter of the 2009.

Operating income for the third quarter of 2010 was $164m, or $1.22 per diluted common share, compared with $152m, or $1 per diluted common share, for the third quarter of 2009.

Net income for the nine months ended 30 September 2010 was $556m, or $4.04 per diluted common share, compared with $179m, or $1.19 per diluted common share, for the corresponding period in 2009.

Operating income for the nine months ended 30 September 2010 was $439m, or $3.20 per diluted common share, compared with $490m, or $3.26 per diluted common share for the first nine months of 2009.