Max Re Capital has reported first quarter net income of $43m, up from $14.6m in the first quarter of 2003.
Gross written premiums from the company’s property and casualty underwriting business for the quarter were $439.5m, up from the $430.5m recorded for the first quarter of 2003.
Traditional reinsurance and alternative risk products accounted for 49.1% and 41.3%, respectively, of gross written premiums in the three months ended 31 March 2004, compared with 26.5% and 71.4% respectively, in the previous year.
Net premiums earned for the three months ended 31 March 2004, were $198.9m compared to $143.7m for the same period of 2003.
Chairman, president and chief executive officer Robert Cooney, said: “Our first quarter produced record premiums written largely attributable to strong growth in traditional reinsurance and insurance.
“Our property and casualty business continues to show improved underwriting profits reflecting our change in product mix over the last eighteen months.
"Our favourable net operating income result this quarter is attributable to profitable traditional reinsurance and insurance underwriting and a return of 4.1% on the alternative investment portfolio.”
