Bermuda-based Max Re managed to maintain profitability in 2001, despite the impact of the World Trade Centre disaster on its third quarter results.
Net income for the year was $2.5m (£1.8m), down from $8.7m (£6.2m) in 2000.
Net written premiums for 2001 were up 48% to $594.1m (£422m) from $401.8m (£285m). That was helped by net written premiums for the fourth quarter more than doubling to $202.3m (£144m) from $95.6m (£68m) a year earlier.
Net earned premiums for the year rose 25% to $500.9m (£356m) from $401.4m (£285m).
Fourth quarter gross written premiums and deposits received rose to $243.7m (£173m) from $103.5m (£73.5m) in the fourth quarter of 2000.
Max Re said gains on "alternative investments" for the quarter were up to $14.4m from $9.4m the year before, and gains on "alternative investments" for the year rose to $29.8m from $9.6m last year.
