Max Capital Group, which changed its name from Max Re Capital yesterday, has achieved first quarter profits of $80 million, up from $75.3m year-on-year.

The value per diluted share has gone up to $1.24 from $1.19 a year ago, and the rise in profits comes despite the company writing $42m less in gross premiums.

Marston Becker, chairman and chief executive officer, said: "Our solid underwriting results, coupled with strong investment returns, have provided a great start to 2007. We continue to emphasise balance and diversification in our underwriting, which we believe will result in consistent positive returns over time.

"While our first quarter gross premium written is lower than the same period in 2006, it is in line with our 2007 budgeted production. I am also pleased to note that subsequent to March 31, as previously announced, we completed the establishment of our US-based excess and surplus lines platform, Max Specialty Insurance Company, and have commenced underwriting excess and surplus lines business in niche markets."

Compared to the opening three months of 2006 the company has this year written more property and casualty insurance business ($78m compared to $70.1m) and less reinsurance ($135m compared with $184m).

On Friday last week shareholders gave the necessary level of approval for the renaming at the company's annual general meeting.

Max Re decided on the name change to reflect its diversification from a primarily reinsurance operation to a mix of reinsurance and specialty insurance.

The Bermuda-based entity Max Re Limited has changed its identity and is now known as Max Bermuda Ltd.

Not only has the company changed its Bermuda-specific name and overall name, it has also changed its stock ticker symbol on the Bermuda Stock Exchange and the Nasdaq Global Select Market to MXGL BH in Bermuda and MXGL on the Nasdaq.

A number of the company's web site addresses have also been renamed.

The intention to change the company name was made in March to reflect the company's evolution over its seven year history to a mix of reinsurance and specialty insurance.

"We are pleased to have received shareholder approval to adopt a new name that reflects the evolution of our business strategy," said CEO Mr. Becker.

"Since inception in 1999, Max has evolved strategically from a reinsurer offering a combination of life reinsurance and structured reinsurance products, to a company whose product mix is diversified among specialty primary insurance and reinsurance offerings, and between property and casualty liability exposures. Our new name reflects that strategic evolution."

The company's new main web site address is www.maxcapgroup.com and for Max Bermuda is www.maxbermuda.com.

The web site address for Max Specialty Insurance Company has not changed.