Max Capital Group's 2Q profit falls 41 percent

NEW YORK_Max Capital Group Ltd. said Tuesday its second-quarter profit fell 41 percent, but the insurer's results still beat expectations.

Earnings declined as net premiums written declined slightly and claims expenses increased during the quarter.

Net income fell to $43.8 million, or 76 cents per share, compared with earnings of $74.2 million, or $1.26 per share, during the same quarter last year.

Analysts polled by Thomson Reuters, on average, forecast earnings of 73 cents per share for the quarter.

Max Capital's comprehensive income, which includes unrealized gains on securities held for sale and foreign currency translation adjustments, totaled $101.6 million during the second quarter.

Earnings declined as net premiums written declined slightly and claims expenses increased during the quarter.

Net income fell to $43.8 million, or 76 cents per share, compared with earnings of $74.2 million, or $1.26 per share, during the same quarter last year.

Analysts polled by Thomson Reuters, on average, forecast earnings of 73 cents per share for the quarter.

Max Capital's comprehensive income, which includes unrealized gains on securities held for sale and foreign currency translation adjustments, totaled $101.6 million during the second quarter. A ratio above 100 percent means it pays out more in claims and expenses than it generates from writing new policies.