Max Re Capital Ltd. reported yesterday that first-quarter net income nearly doubled compared to the same period last year.

The Bermuda-based carrier posted net income of $72.9 million, compared with $37.7 million for the first three months of last year.

The earnings announcement came the day after the carrier said that an earnings restatement for the years 2001-2005 to correct accounting on finite risk contracts would decrease shareholder equity by about $18 million. Max Re is challenging a delisting from Nasdaq Stock Market on the basis of its failure to file quarterly and annual reports that met Securities and Exchange Commission deadlines.

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