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The company reported net income of $95.3 million for the third quarter, compared with a net loss of $163.2 million for the same period a year ago. Operating income rose to $53.7 million, compared with an loss of $144.7 million. Gross premiums written increased by 28.9% to $265.9 million, net premiums written increased 65.7% to $182.6 million and net premiums earned increased 46.9% to $208.0 million. Net gains on other investments were $23.3 million, up from a net loss of $158.8 million for the quarter last year. The company's combined ratio improved 8.1 percentage points to 90.9. In a conference call, W. Marston (Marty) Becker, chairman and chief executive officer, said the company has continued the "very positive underwriting trends" of the first half of the year. He said the company will continue to look to add experienced underwriters to the team, and had walked away from underpriced business. He said the company's Bermuda and Ireland platforms had seen a 30% increase in submission activity. "We're very pleased the results from our very talented underwriting teams," Becker said. Also, included in the quarter is the $50 million termination fee that Max received in July related to its failed merger agreement with IPC Holdings Ltd. The net gain was $41.4 million, after deducting $8.6 million for expenses. This summer, Max had proposed a merger with IPC, but a rival suitor, Validus Holdings Ltd, stepped in with an unsolicited counteroffer. The IPC board rejected Validus' proposals and urged shareholders to support the merger with Max, but IPC shareholders voted against the Max plan on June 12. Max withdrew its offer, and Validus eventually closed on the merger in September (BestWire, Sept. 8, 2009). Max Capital (NASDAQ: MXGL | Quote | Chart | News | PowerRating) is a specialty insurer and reinsurer. Max Bermuda Ltd. currently has a Best's Financial Strength Rating of A- (Excellent). The company's stock was trading at $20.81 a share on the morning of Nov. 4, down 0.19% from the previous close. (By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com) For full details on Max Capital Group (MXGL) click here. Max Capital Group (MXGL) has Short Term PowerRatings of 5. Details on Max Capital Group (MXGL) Short Term PowerRatings is available at This Link.
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