Everest Re net profit jumps YOY in Q3

Everest Re Group reported a net income of $295.4 million for the third quarter of 2016 compared to $88.6 million in the same period a year ago.

The Bermuda-based reinsurer increased gross written premiums 3 percent to $1.8 billion over the period.

The combined ratio for the quarter was 85.6 percent compared to 90.6 percent in the third quarter of 2015.

“We are very pleased with this quarter’s results,” said Dominic Addesso, CEO of Everest Re.

“Continued momentum in our insurance operations coupled with the stability of our reinsurance book is fostering these strong results and providing shareholders double digit returns, with an 11 percent annualized operating return on equity for the first nine months of the year,” he added.