Insight and Intelligence on the London & International Insurance Markets

9 February 2012

Max Re scrapes 2005 profit as prior-year loss hits Q4

13 February 2006

Bermudian (re)insurer Max Re reported an $11.4mn or 20 cents a share, fourth quarter net loss and a full-year net profit of $6.7mn, or 13 cents a share for 2005, primarily as a result of a $129.7mn loss development on a prior-year contract.

The company also booked a $23.4mn fourth quarter charge for natural catastrophe losses, further deteriorating the company’s position from the $87.1mn fourth quarter and $133.7mn full year net profits made in 2004.

Max Re chairman, president and...

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