Max Capital Group Ltd., formerly Max Re Capital Ltd., reported a 6 percent increase in first-quarter net income.
The Bermuda-based primary and secondary insurer reported first-quarter net income of $80 million, or $1.24 per share, compared with $75.3 million, $1.19 per share, for the same period last year.
Gross written premiums for the quarter were $213.6 million, compared with $255.9 million for the same period last year.
Net premiums for the quarter were $139 million, compared with $159 million for the comparable year-ago period. The decrease reflected an increased use of reinsurance, the company said.
Net investment income for the quarter increased to $42 million from $34 million for the same period in 2006.
The company also declared a quarterly dividend of $.07 per share payable on May 31.
Max Capital Group Ltd. assumed its new name last Friday when it was known as Max Re Capital Ltd.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.