Axis misses on investment volatility and large losses

Bermuda-based (re)insurer Axis Capital saw operating income fall to
$51mn in Q3 from $133mn for the same period last year.
At $0.51 a share, operating profits missed Wall Street consensus
forecasts of $0.65 a share.
Axis blamed the slide in profits on a number of significant
losses and volatility in its investment portfolio.
The carrier said its $43mn loss estimate for catastrophe and
weather-related events was almost double its estimate for the same
period in 2014.
The (re)insurer said the...