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.

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