Max Capital has reported net income for the three months ended 31 March 2007 of $80m

Max Capital Group has reported net income for the three months ended 31 March 2007, of $80m, or $1.24 per diluted share, compared to net income of $75.3m, or $1.19 per diluted share, for the three months ended 31 March 2006.

Net operating income, which represents net income adjusted for net realised gains and losses on sales of fixed maturities, for Q1, was $81m, or $1.26 per diluted share, compared with net operating income of $76.9m, Q1 2006.

Gross premiums written for Q17 were $213.6m, compared to $255.9m for the three months ended March 31, 2006.

The group's combined ratio was down to 88.4% from 91.3% in 2006.

W. Marston Becker, chairman and chief executive officer of Max Capital, said: “Our solid underwriting results, coupled with strong investment returns, have provided a great start to 2007. We continue to emphasise balance and diversification in our underwriting, which we believe will result in consistent positive returns over time. While our first quarter 2007 gross premium written is lower than the same period in 2006, it is in line with our 2007 budgeted production.”