Max Re Posts 166% Increase in Q4 Net Income

January 29, 2002

Bermuda-based Max Re Capital Ltd. reported net income for the three months ended December 31, 2001 of $10.1 million, or $0.26 per share, compared with net income of $3.8 million, or $0.14 per share for the same period last year, a 166 percent increase.

It also reported that its net income for the year ended December 31, 2001 was $2.5 million, or $0.08 per share, compared with net income of $8.7 million, or $0.36 per share, for the year ended December 31, 2000.

Gross written premiums and deposits more than doubled in the 4th quarter, increasing to $243.7 million, compared to $103.5 million for the same period of 2000. “Net written premiums for the three months ended December 31, 2001 were $202.3 million, compared to $95.6 million for the same period of 2000, said the company, while gross written premiums and deposits received increased 97% to $806.7 million for the year ended December 31, 2001, from $409.7 million for 2000.

The results for the full year were up substantially as well, as max Re posted net written premiums for the year ended December 31, 2001 of $594.1 million, compared to $401.8 million for the year ended December 31, 2000, and net earned premiums for the year ended December 31, 2001 were $500.9 million, compared to $401.4 million last year.

Robert J. Cooney, Chairman, President and CEO commented that, “We were pleased that Max Re recorded strong premium growth combined with satisfactory investment returns for the fourth quarter 2001. This allowed us to rebound from the poor third quarter financial result, impacted by the September 11 tragedy, and produce a profit for 2001.”|”max, re, posts, 166%, increase, in, q4, net, income

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