AXS 4Q10 "Significantly Above" Wunderlich Securities Estimate

Axis Capital Holdings AXS reported 4Q10 operating EPS of $1.41, “significantly above our estimate of $1.15 and the consensus estimate of $1.21,” Wunderlich Securities reports. “The beat was due to better-than-expected premium growth, favorable reserve development, and share repurchases. Excluding reserve development, full-year 2010 EPS were $2.43 compared to $2.45 a year ago. Book value increased 17% in 2010 to $39.37 over a year ago. We believe the quarter demonstrated strong outperformance on top- and bottom-line profitability, despite losses from the earthquake in New Zealand. We reiterate our Buy rating. Axis Capital Holdings closed Tuesday at $36.82.