HAMILTON, Bermuda—Max Capital Group Ltd. on Wednesday said its net income for the first nine months of 2009 was $183.6 million compared with a net loss of $81.2 million during the same period a year ago.

Max Capital also reported an increase in gross written premiums for the first nine months, rising to $1.09 billion from $882 million a year ago. Meanwhile, the Hamilton, Bermuda-based reinsurer said its combined ratio for the first nine months rose to 90.5% from 89.1% a year ago.

Investments produced a nine-month net gain of $62.7 million compared with a net loss of $145 million during the first nine months of 2008.

For the third quarter, Max Capital reported net income of $95.3 million vs. a net loss of $163.2 million for same period last year.