Axis Capital 3Q Above Consensus But Below J.P. Morgan Estimate - Axis Capital Holdings (NYSE:AXS)

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Axis Capital (NYSE: AXS) reported 3Q EPS of $1.22 versus J.P. Morgan's estimate of $1.55 and consensus of $1.18.“The primary difference versus our estimate appears to be a greater loss form the New Zealand earthquake, although lower premium volume and FX were also factors,” J.P. Morgan writes. “To the upside, however, were much stronger than expected alternative investment income and favorable development.”J.P. Morgan said that it believes relative valuation is fair based on estimates of 2011E book value.Axis Capital currently trades at $34.16.

27% profits every 20 days?

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