Max Re Capital Ltd. reported second-quarter net income declined by nearly a third due in part to poor investment results.
The Bermuda-based carrier reported net income of $17.3 million, compared with $23.3 million for the same period last year.
Morgan Stanley analyst William Wilt said that while earnings per share came in at about half what his bank expected, "the vast majority of the miss was due to weak alternative asset performance this quarter."
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