Bermudian reinsurer Max Re has revealed it generated net income of $45.4m (£28m) in the first half of 2003.
The reinsurer said its performance was boosted by its decision to focus on traditional property & casualty business.
Max Re chairman, president and chief executive Bob Cooney said: "The company's shift to increased risk underwriting and steadfast commitment to a diversified investment strategy that includes fixed-income securities and alternative assets was rewarded this quarter."
For the second quarter Max Re's gross written premiums totalled $165.8m (£102m), up from $121.5m (£75m) in the same period the year before.
