Max Re Capital has reported a net income for 2005, of $6.7m compared to $133.7m, for the year ended December 31, 2004.
The company increased gross written premiums in the period to $1.25bn, up 20.2% from 2004.
Max Re said it recorded $157.4m in losses stemming from hurricanes Katrina, Rita and Wilma,
Robert Cooney, chairman, president and CEO, said, “Despite these events we are pleased to report a small net income for the year. We successfully raised $284.1m in a public common share offering in the fourth quarter of 2005 and are well positioned to participate in the expected attractive market for our products in upcoming months.”
