Bermuda-based Max Re Capital Ltd. reported net income for the three months ended March 31, 2005 of $36.8 million, or $0.74 per diluted share, compared to net income of $43.0 million, or $0.87 per diluted share, for the three months ended March 31, 2004.
Net operating income, which excludes capital gains/losses for the period was $36.4 million, or $0.73 per diluted share, compared with net operating income of $37.2 million, or $0.75 per diluted share, for the three months ended March 31, 2004.
Chairman, President and Chief Executive Officer Robert J. Cooney commented: “Our gross premiums written grew in the first quarter largely attributable to increased volume in our life and annuity business. Our property and casualty underwriting produced excellent results with a combined ratio of 87.6 percent for the period. The strong underwriting performance allowed us to achieve reasonable net operating income for the quarter.”
Max Re said gross premiums written for the three months ended March 31, 2005, were $455.7 million, of which $312.5 million came from property and casualty underwriting and $143.2 million from life and annuity underwriting, compared to $439.5 million, all from property and casualty underwriting, for the three months ended March 31, 2004.
“Reinsurance and insurance products account for 79.4 percent and 20.6 percent, respectively, of property and casualty gross premiums written in the three months ended March 31, 2005, compared to 90.5 percent and 9.5 percent, respectively, of property and casualty gross premiums written for the three months ended March 31, 2004,” said the bulletin.
Max Re noted that the “decline in property and casualty premiums written is principally due to the non-renewal of three reinsurance contracts in 2005, which accounted for US$164.5 million of gross premiums written in 2004. Net premiums earned for the three months ended March 31, 2005 were US$308.3 million compared to US$198.9 million for the same period of 2004, the increase principally due to a life and annuity contract written and earned in the first three months of 2005, with no comparative for the same period of 2004.”
The full report and further information may be obtained on the Max Re Website at: http://www.maxre.bm.
The company will hold a conference call today, May 2,2005, hosted by CEO Robert J. Cooney, and CFO Keith S. Hynes. Details of the call are as follows:
Date: May 2, 2005
Time: 10:00 a.m. EST
NEW DIAL IN NUMBER
Dial in #: US: 800-706-7748
International: 617-614-3473
Access Code: 58014957
Please dial in ten minutes prior to the start of the call.
Replay details:
Available from 12:00 p.m. May 2, 2005 – June 2, 2005
Dial in #US: 888-286-8010
Dial in# International: 617-801-6888
Access Code: 82783553
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