The Bermuda-based Max Capital Group Ltd. reported net income for the three months ended December 31, 2007, of $62.4 million, or $1.00 per fully diluted share, versus net income of $95.4 million, or $1.50 per fully diluted share, for the three months ended December 31, 2006. Net operating income, which excludes capital gains/losses, for the three months ended December 31, 2007, was $63.4 million, or $1.01 per fully diluted share, versus net operating income of $93.9 million, or $1.48 per fully diluted share, for the three months ended December 31, 2006.
For the year ended December 31, 2007, the Company had net income of $303.2 million, or $4.75 per fully diluted share, compared to $216.9 million, or $3.43 per fully diluted share, for the year ended December 31, 2006. For the year ended December 31, 2007, the Company had net operating income of $307.2 million, or $4.81 per fully diluted share, compared to $222.7 million, or $3.52 per fully diluted share, for the year ended December 31, 2006.
Chairman and CEO W. Marston (Marty) Becker, commented: “We are extremely pleased that 2007 was a record year for Max. Strong underwriting performance coupled with outstanding investment returns combined to produce the highest net income and return on shareholders’ equity in Max’ s history. Our specialty insurance/reinsurance business model, together with our diversified investment strategy, continues to serve our stakeholders well.
“We expect to extend this success into 2008 by maintaining our disciplined underwriting approach in the softening market. The addition in 2007 of Max Specialty and its excess and surplus lines plus its inland marine and ocean cargo teams, place us in an excellent position for property and casualty premium growth and further diversification in 2008 and beyond.”
Gross premiums written for the year ended December 31, 2007, were $1.0783 billion compared to $865.2 million for the year ended December 31, 2006. The report noted that P/C “reinsurance, property and casualty insurance, excess and surplus lines insurance, and life and annuity reinsurance accounted for 32.0 percent, 35.5 percent, 4.5 percent and 28.0 percent, respectively, of gross premiums written for the year.” In 2006 the figures were “49.0 percent, 45.8 percent, nil percent and 5.2 percent, respectively.”
The full report may be obtained on the Group’s web site at: http://www.maxcapgroup.com. A replay of the earnings conference call is also available until March 13 For US-based callers dial 1-888-286-8010; international callers may use 1-617-801-6888; the access code for the replay is 79855326.
Source: Max Capital
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