Among Bermuda competitors, Max Re is in a class by itself. Not a member of the class of 1985, the class of 1993, the class of 2001 or the class of 2005, the company, unlike other Bermuda reinsurers, was born and conceived during a soft insurance market.
“It was a very difficult underwriting environment,” recalled Max Re President and Chief Executive Officer Robert Cooney during a recent interview with National Underwriter. “That has been borne out by the disappointing [industry] underwriting results from the late 1990s, 2000, and even the first half of 2001,” he added, noting that Max Re raised capital at the end of 1999 and started writing in early 2000.
“It was a soft market, and the prospects of making underwriting profits were pretty low in our opinion,” he said.
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