Max Re Capital Ltd. today reported fourth-quarter 2006 net income of $95.4 million compared with a net loss of $12.6 million for the same 2005 period.
W. Marston Becker, chairman and chief executive officer of Max Re Capital, said that with this quarter's results the company is well positioned to move head with its U.S. platform this year.
Fourth-quarter gross premiums written were $147.5 million compared with $257.2 million for the same 2005 period, while net premiums earned told much the same story with $159 million in last year's fourth quarter compared with $256 million in the catastrophe-scarred 2005 period.
Net investment income for the quarter increased to $40.8 million from $31.2 million for the same period in 2005 and is attributable to a year-over-year increase in cash and fixed-maturity balances and higher yields on fixed-maturity investments, the company said.
The company also reported a property-casualty combined ratio of 90.1 for the fourth quarter.
General and administrative expenses for the three months ended Dec. 31, 2006 were $27.7 million compared with $14.1 million for the same period in 2005.
In other news:
o The company announced a 7 cents per share quarterly dividend payable March 9 to shareholders of record Feb. 23.
o Chief Financial Officer Keith Hynes announced his retirement effective April 1. Mr. Hynes, one of the longest-serving CFOs, will be replaced by Joe Roberts, currently company controller.
o N. James Tees was promoted to executive vice president and chief risk officer. He is currently the company secretary and treasurer.
o Sarene Bourdages was promoted to executive vice president and general counsel.
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