Bermuda-based Max Re Capital has reported fourth-quarter earnings of $87.1 million, or $1.82 share, almost triple the $36.4 million, or 76 cents per share reported in the same quarter a year ago.

Max Re Capital Ltd. through its principal operating subsidiaries, Max Re Ltd., Max Insurance Europe Limited and Max Re Europe Limited, offers customised risk financing solutions to property and casualty insurers, life and health insurers and large corporations.

Revenue for the three months ended December 31, 2004 decreased four percent to $304.5 million versus $317.1 million in the fourth quarter of 2003.

The company said that on a pro forma basis, earnings for the quarter were $1.67 a share. Analysts polled by Thomson First Call expected the Hamilton, Bermuda-based insurance company to post earnings of 90 cents a share.

Net operating income for the 2004 quarter was $80.8 million or $1.67 per share, compared with net $31.7 million, or 66 cents per share in the fourth quarter of 2003.

Max Re?s net income for the year ended December 31, 2004 was $133.7 million or $2.75 per share, compared to net income of $120.6 million or $2.84 per share in 2003.

Net operating income for the year was $123.3 million or $2.54 per share in 2004, compared to $111.6 million or $2.42 per share the year earlier.

Revenue for the year increased 17 percent to $1,097.6 million from $941.4 million for 2003. The company said in its earnings statement that this increase was due to the increase in net premiums earned and net investment income offset by the decrease in returns on the alternative investments.

Robert J. Cooney, Chairman, President and Chief Executive Officer, said: ?The company continued to perform well in 2004. Improved performance in our property and casualty business produced underwriting profits of $47.8 million during the year which combined with reasonable returns from our alternative investment portfolio of 8.23 percent resulted in record net operating income for the year.?

In yesterday?s conference call, he added that the company has been very successful in executing the ?theme Max Re has embarked on over the last two years to shift our underwriting efforts to more traditional higher margin reinsurance and insurance products?.

Net premiums earned for the three months ended December 31, 2004 were $216.0 million compared to $261.4 million for the same period of 2003.

Net premiums earned for the year ended December 31, 2004 were $917.8 million compared to $727.2 million for 2003.

Losses, benefits and experience refunds were $163.4 million for the three months ended December 31, 2004 compared to $223.8 million for the same period in 2003.

The company attributed the decrease to $108.3 million of life and annuity premiums earned in the three months ended December 31, 2003 compared to $35.0 million for the same period for 2004.

Losses, benefits and experience refunds for the year ended December 31, 2004 were $764.3 million compared to $592.3 million for the same period in 2003. The company said this was attributable to the increase in premiums earned.

Shareholders? equity was $937 million at December 31, 2004. Book value per share at December 31, 2004 was $20.45 per share a 14.8 percent increase over the previous year.