Axis Capital has more than doubled its first-quarter profit to $US302.82 million ($294.4 million) following strong premium increases in its insurance and reinsurance segments.

The figure is up from $US121.99 million ($118.6 million) in the corresponding period last year and was made on gross written premium of $US1.75 billion ($1.7 billion), up 15%.

The Bermuda-based (re)insurer continues to find good risks in an improving marketplace, while expansion in Europe, Canada and Australia has driven growth in professional lines, according to CEO Albert Benchimol.

“We believe the combination of attractive opportunities and our strong capital position should allow us to continue on a path of profitable growth and return to our shareholders the bulk of our earnings for this year.”

The group has reported an underwriting profit of $US170.8 million ($166 million), up from $US62.69 million ($60.9 million), and a combined ratio of 89.9%.

Net investment income was down 7% to $US108.91 million ($105.88 million).