Max Capital Group Ltd. reported a 90.3 percent drop in first-quarter net income, due mainly to a decline in alternative investments.
The Bermuda-based specialty insurance and reinsurance provider said it had a net income of $7.7 million for the quarter versus $80 million in the first quarter of 2007.
For its insurance operations, Max Capital reported $201.4 million in net written premiums for the quarter, compared to $137 million in 2007. The company attributed the increase to new agriculture coverage written in its property-casualty reinsurance segment, and the growth of the company's p-c U.S. specialty segment, which was not operational during the first quarter of 2007.
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