PXRe Group Ltd. on Wednesday night reported that its net income for the year had increased 50 percent to $96.6 million, after returning to its core catastrophe and risk excess lines of business, according to management.

In its fourth quarter and year-end results, PXRe said that its underwriting income was up 30 percent for the year and 20 percent for the quarter end December 31, 2003.

?Our fourth quarter and full year 2003 results demonstrate that we have returned our focus to our core catastrophe and risk excess lines of business? said Jeffrey Radke, president and chief executive officer of PXRe.

?All other segments have declined dramatically while the catastrophe and risk segment continues to grow at rates in excess of many competitors and has shown excellent results. While the entire market has benefited from moderate catastrophe activity, we have used our expertise and relationships to grow market share in this attractive rate environment.?

He went on to say that this momentum would continue in 2004 barring any major unforeseen or large catastrophe, as shown with the January renewals with almost two thirds of their business renewed on that date.

?With the results of the renewal season behind us, we are anticipating 2004 net income per diluted share of $4.40 to $4.80, assuming normalised catastrophe activity. This growth in earnings per share s predicated on low double digit growth in net earned catastrophe and risk premium and a continued focus on that segment.? Revenue for the fourth quarter of 2003 was $93.3 million compared to $99.9 million in the same period a year ago.

Net premiums earned for the quarter were $83.1 million compared to $88.7 million in the year-earlier period, as strong continued growth in the company?s core catastrophe and risk excess segment almost entirely offset a planned reduction in their finite and exited lines segments, said the company. During the fourth quarter of 2003 net premiums earned in PXRe?s catastrophe and risk excess segment grew 24 percent to $65.9 million from $52.9 million in the comparable period of 2002.

Revenue for the year 2003 was $355.3 million compared to $306.7 million in 2002. Net premiums earned for 2003 were $320.9 million compared to $269.4 million in the year-earlier period.

?Strong growth in our core catastrophe and risk excess segment was partially offset by a planned reduction in our finite and exited lines segments,? said the company in a statement.

?Specifically, during 2003 net premiums earned in our catastrophe and risk excess segment grew 44 percent to $254.2 million from $176.1 million in the comparable period of 2002.?