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HAMILTON, BermudaMax Re Capital Ltd. boosted profits to $216.9 million for 2006, compared with a profit of $9.5 million in 2005.
Net income for the fourth quarter of 2006 was $95.4 million vs. a net loss of $12.6 million for the same period of 2005.
Gross written premiums, meanwhile, fell to $865.2 million in 2006 from $1.25 billion in the year-prior period, which Max Re in a statement attributed to "decreased life and annuity business written and earned and lower additional premiums recorded on prior-year contracts in 2006 compared to 2005."
W. Marston Becker, Max Re's chairman and chief executive officer, said in a statement that the company's performance is "largely attributable to our employees' combined energies and discipline, which produced strong underwriting performance across all of our business units."
Separately, Hamilton, Bermuda-based Max Re announced a number of management changes, including the retirement of Chief Financial Officer Keith S. Hynes. Joe Robertscurrently the reinsurer's senior vp and controllerwill succeed Mr. Hynes on April 1, Max Re said in a statement.
Additionally, N. James Tees has been named executive vp and chief risk officer of the company, and Sarene A. Bourdages has been named executive vp and general counsel for Max Re. Mr. Tees previously was senior vp, treasurer and secretary. Ms. Bourdages previously was senior vp and general counsel.