When we last covered AXIS Capital Holdings Limited (AXS), we held a bullish bias as the company was remarkably undervalued post the March selloff. Investors were feeling queasy and had dumped investments left, right and center while fleeing helter skelter. We had then said,
At 0.8X tangible book, with the insurance rates on an upswing, AXIS offers a compelling opportunity to pick a non-correlated investment. The bulk of AXIS' investments are in safe bonds and similar investments with minimal equity exposure. AXIS is a prime pick designed to offer a much better return