Max Capital...
... had first-half net income of $88.3m, an increase of 7.7%, on net earned premiums of $419.1m and total investment income of $122.2m, both up 13%. The group’s combined ratio rose to 90.3% from 84%, largely reflecting increased losses in its reinsurance operations. Max Capital saw improved underwriting results in its primary insurance and US specialty businesses. Max at Lloyd’s, which was included on Max Capital’s books last November, generated pre-tax income of $11.6m on earned premiums of $64.7m.