The Bermuda-based Max Capital Group Ltd. reported net income for the three months ended June 30, 2008, of $74.2 million, or $1.26 per fully diluted share, compared to net income of $94.1 million, or $1.45 per fully diluted share, for the three months ended June 30, 2007.
Net operating income, which excludes after-tax net realized gains and losses on sales of fixed maturities, was $76.1 million, or $1.29 per fully diluted share, compared to net operating income of $94.4 million, or $1.46 per fully diluted share, for the three months ended June 30, 2008 and 2007, respectively.
For the six months ended June 30, 2008, the Company had net income of $82.0 million, or $1.38 per diluted share, compared to $174.1 million, or $2.70 per diluted share, for the six months ended June 30, 2007. Net operating income was $82.4 million, or $1.39 per diluted share, compared to $175.5 million, or $2.72 per diluted share, for the six months ended June 30, 2008 and 2007, respectively.
Chairman and CEO W. Marston (Marty) Becker commented: “Second quarter results continue to reflect the benefits of Max’s disciplined underwriting and diversified investment philosophy. Each of our business segments are on plan through six months. Moreover, this consistent performance has been complemented by favorable development of reserves associated with prior periods.
“Property and casualty gross premium written growth is flat across our organization other than the expected organic growth in our developing U.S. specialty operations; invested asset growth is on plan although reinvestment rates on fixed maturities are below our original projections; and alternative investment returns have outperformed the relevant indices with a positive return of 3.34 percent in the second quarter.”
The report also noted that gross premiums written from P/C underwriting for the second quarter “were $275.7 million compared to $240.7 million for the three months ended June 30, 2007, an increase of 14.5 percent. The increase in gross premiums written reflects the growth of the Company’s property and casualty U.S. specialty segment, which commenced underwriting activity in the three months ended June 30, 2007.”
The complete report and additional information may be obtained on the Group’s web site at: www.maxcapital.com.
Source: Max Capital Group
Topics Profit Loss Property Casualty
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