Max Re Capital has said the Audit and Risk Management Committee has not yet completed its previously announced internal investigation.
Consequently, KPMG, the Company's auditors, have not completed their Statement of Auditing Standards (SAS) 100 review of financial information for the first three months of 2006.
The Company believes, subject to the results of the investigation and KPMG's SAS 100 review, its net income for the three months ended March 31, 2006 is $74.2m.
The Company said it continues to believe that if, as a result of the Audit and Risk Management Committee's investigation, a restatement were determined to
be necessary, that the cumulative effect to retained earnings at December 31, 2005 would be not more than approximately $50m.
