One large life and annuity reinsurance deal pumped up revenue at Max Re Capital Ltd. during the second quarter.[@@]
Max Re, Hamilton, Bermuda, is reporting $22 million in net income for the latest quarter on $222 million in revenue, up from $13 million in net income on $191 million in revenue for the second quarter of 2004.
Gross life and annuity premiums written jumped to $34 million, from $2.2 million.
The increase was “principally due to a life and annuity contract written and earned in the 3 months ended June 30,” Max Re says in a discussion of its earnings.
The name of the insurer that bought the reinsurance contract was not immediately available.
Max Re is reporting a total of $177 million in net life and annuity premiums written during the first half and $193 million in life and annuity losses and benefits.