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AXIS Capital Holdings' CEO Discusses Q1 2012 Results - Earnings Call Transcript

With me on today’s call are John Charman, our CEO and President; and Albert Benchimol, our CFO. Before I turn the call over to John, I will remind everyone that statements made during this call, including the question-and-answer sessions, which are not historical facts, may be forward-looking statements within the meaning of the U.S. federal securities laws.

Forward-looking statements contained in this presentation include, but are not necessarily limited to, information regarding our estimate of losses related to catastrophes, policies and other loss events; general economic, capital and credit market conditions; future growth prospects, financial results, and capital management initiatives; the valuation of losses and loss reserves; investment strategies, investment portfolio and market performance; impact to the marketplace with respect to changes in pricing models; and our expectations regarding pricing and other market conditions.

These statements involve risks, uncertainties, and assumptions, which could cause actual results to differ materially from our expectations. For a discussion of these matters, please refer to the Risk Factors section in our most recent Form 10-K on file with the Securities and Exchange Commission. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

In addition, this presentation contains information regarding operating income, which is a non-GAAP financial measure within the meaning of the U.S. federal securities laws. For a reconciliation of this item to the most directly comparable GAAP financial measure, please refer to our press release, which can be found on our website.

With that, I’d like to turn the call over to John.

John R. Charman

Thank you, Linda and a very good morning to everyone. AXIS has had a very good first quarter, particularly considering the transitional P&C market conditions that we continue to face. Operating income for the quarter was $136 million or $1.07 per diluted share, and our operating ROE for the quarter was nearly 11%. The combined ratio for the quarter was 94.8%.

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