Max Capital has reported a net loss for the fourth quarter ended December 31, 2008, of $94.1 million
Max Capital has reported a net loss for the fourth quarter ended December 31, 2008, of $94.1 million, or $1.67 per diluted share, compared to a net income of $62.4 million, or $1 per diluted share, for the same quarter of 2007.
Net operating loss which represents net income or loss excluding after-tax net realised gains and losses on fixed maturities and foreign exchange, for the fourth quarter of 2008, was $85 million, or $1.51 per diluted share, compared to a net operating income of $63.4 million, or $1.01 per diluted share, for the same quarter of 2007.
For the year ended December 31, 2008, the company has reported a net loss of $175.3 million, or $3.10 per diluted share, compared to a net income of $303.2 million, or $4.75 per diluted share, for the year ended December 31, 2007.
Net operating loss for 2008 was $146.7 million, or $2.59 per diluted share, compared to a net operating income of $307.2 million, or $4.81 per diluted share, for 2007.
Marston Becker, chairman and CEO of Max Capital, said: In 2008, solid performances by our underwriting units were overshadowed by losses in our alternative investment portfolio.