(RTTNews) - Wednesday, Max Capital Group Ltd. (MXGL:
News ), a provider of specialty insurance products and reinsurance, posted a profit for the third quarter from a loss last year, reflecting positive underwriting performance from all segments and a benign hurricane season.
For the third quarter, the Hamilton, Bermuda-based re-insurer posted net profit of $95.3 million or $1.64 per share, compared to net loss of $163.2 million or $2.89 per share in the year-ago quarter.
Net operating income for the quarter was $53.7 million or $0.92 per share, compared to a net operating loss of $144.7 million or $2.57 per share for the year ago quarter. The results for the quarter included a gain of $41.4 million associated with the company's merger and acquisition activities.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.71 per share for the quarter. Analysts' estimate typically excludes one-time charges and gains
Revenues for the quarter surged to $276 from $10.1 million in the year earlier period.
Net gains on other investments for the quarter was $23.3 million, compared to a net loss of $158.8 million in the same quarter last year.
Gross premiums written for the quarter increased 28.9% year-over-year to $265.9 million, while net premiums written increased 65.7% to $182.6 million from the year earlier quarter. Net premiums earned increased to $208.0 million, up 46.9% from $141.6 in the year ago quarter.
Property & casualty combined ratio for the quarter grew 8.1 percentage points to 90.9% from the year earlier period. Annualized net operating return on average shareholders' equity for the quarter was 14.8%, while book value for the quarter increased 12.8% to $26.54 per share from $22.46 per share last year.
For the nine-month period, net income was $183.6 million or $3.18 per share, compared to a net loss of $81.2 million or $1.43 per share last year. Net operating income for the period was $148.4 million or $2.57 per share, compared to net operating loss of $58.2 million or $1.03 per share in the year earlier period.
Revenues for nine months rose significantly to $817.5 million from $487.5 million a year earlier.
Max Capital also declared a dividend of $0.10 per share, payable on November 30 to stockholders of record as of the close of business on November 16, 2009.
MXGL is currently trading at $20.98, up $0.13 or 0.62%, on a volume of 0.29 million shares on the Nasdaq Global Select Market.
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by RTT Staff Writer
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