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Attacks hurt Max Re's results

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HAMILTON, Bermuda-Fallout from the Sept. 11 terrorist attacks on the World Trade Center was partly responsible for Max Re Capital Ltd.'s $7.6 million loss for the first nine months of this year.

The Bermuda-based reinsurer's results compared with a $4.9 million gain for the same period in 2000. Max Re posted an $8.7 million loss for this year's third quarter after showing a $9.2 million profit during last year's third quarter.

Robert J. Cooney, chairman, president and chief executive officer of Max Re, said in a statement announcing the losses that the reinsurer's "underwriting results incurred $3.0 million in incremental losses, and a conservative net reserve for that amount was posted during the quarter for World Trade Center claims. Our alternative investment portfolio recorded a 134-basis-point loss in September, resulting from the volatile markets following Sept. 11."

Max Re's gross written premiums and deposits for the nine months were up 84% to $563 million during the first three quarters of 2000.