Bermuda-based AXIS Capital Holdings said 2004 was “one of the most challenging” years in its history when reporting its year-end results.
Net income for the year, it said, was $495m compared with $532.3m a year earlier. The 2004 net income results took into consideration the impact of the third quarter hurricane season.
It reported net income for the fourth quarter was $181.1m, or $1.09 per diluted share, compared to $160.5m, or $0.97 per diluted share, a year earlier.
Chief executive John Charman said he was “particularly pleased” with the results.
“Our solid results have been achieved against a backdrop of regulatory uncertainty, erratic competitive behaviour and unprecedented industry losses from a series of worldwide natural disasters,” he said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
