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HAMILTON, BermudaMax Capital Group Ltd. reported profits of $80.0 million for the first quarter of 2007, a 6.2% increase compared with the same period last year.
Hamilton, Bermuda-based Max Capital's gross premiums written, however, fell 16.5% to $213.6 million in the 2007 first quarter compared the same period in 2006.
In particular, gross premiums written in Max Capital's property/casualty reinsurance segment decreased $50 million to $135 million.
"The reduction principally stems from the nonrenewal of two large property/casualty reinsurance contracts and the restructuring of a third property/casualty contract at renewal, with the client retaining more net exposure," said Joe Roberts, executive vp and chief financial officer of Max Capital, during a conference call with analysts.
Max Capital's combined ratio improved to 88.4% in the 2007 first quarter from 91.3% in the prior year period.