Max Re sees earnings boost
Bermudian reinsurer Max Re has reported Q4 net income of $36.4mn, or $0.76 per diluted share, compared to net income of $11mn, or net income of $0.29 per diluted share, for the same period in 2002.
Net operating income before minority interest, was $31.7mn, or $0.66 per diluted share, compared with $10.7mn, or $0.24 per share for Q4 2002.
Robert J Cooney, chairman, president and CEO, said: "All aspects of our business performed well in 2003. We exceeded $1bn in gross premiums written, our property and casualty business produced an underwriting profit, and our alternative investments returned 16.57 percent. All of these factors led to net operating income before minority interest of $111.6mn."
Gross premiums written for the three months ended December 31, 2003 were $224.9mn, comprised of $116.6mn from property and casualty underwriting and $108.3mn from life and annuity underwriting, compared to $116.3mn, all from property and casualty underwriting, for the same period a year earlier.