This quarter was characterized by relatively benign catastrophe activity and our estimates of aggregate Cat losses from prior years remain stable. Net investment income in the quarter benefited from strong performance of the global equity markets. This improvement in equity markets coupled with tightening and credit spreads contributed significantly to book value growth in the quarter. We ended the quarter with record diluted book value per share of $39.53, an increase of 4% from year-end 2011 and 11% over the last 12 months.Gross premiums written in the quarter declined by 2%. Growth in our Insurance segment from accident and health, marine and property related lines was offset by continued prudent reductions, (inaudible) line where we remain judicious in our utilization available capacity. We are however, encouraged as pricing continue to firm through the quarter and into the April 1 renewals, particularly in catastrophe exposed classes.
AXIS Capital Holdings' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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