Kirk said catastrophe losses were $48 million, producing a cat loss ratio of 3.2%, “largely driven from extreme winter weather in the U.S.” He added that approximately a third of catastrophe losses came from the conflict in the Middle East. AXIS also recorded $18 million of favorable reserve development, consisting of $15 million in insurance and $3 million in reinsurance.Chief Financial Officer Matt Kirk, appearing on his first AXIS earnings call in the role, reported net income available to common shareho ...