Max exceeds forecasts as cat losses are revised down
Bermudian (re)insurer Max Capital comfortably exceeded analyst forecasts for Q1 with $36mn earnings, as it downgraded its estimated cat hit from February's Chilean earthquake and European Windstorm Xynthia to just $10mn.
After warning the market earlier in the quarter that it expected losses of between $30mn and $50mn, Max has revised its estimate.
The overall group combined ratio was 90.3 percent, although net income was 18 percent lower at $36mn, as underwriting returns dipped and acquisition costs crept up. However,...
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