24 July 2014 Insurance

Everest Re enjoys 16% reinsurance growth

Everest Re’s reinsurance book grew by 16 percent growth in the second quarter of 2014 driven by US property and specialty lines, despite its CEO warning on challenging market conditions.

Globally, its reinsurance premiums, including its Mt. Logan Re segment, were up 16 percent while insurance premiums were flat, compared with the same period a year earlier.

The company’s gross written premiums (GWP) increased by 12 percent to $1.4 billion compared with the second quarter of 2013.

Its combined ratio for the quarter was 84.7 percent compared to 87.6 percent in the second quarter of 2013.

For the second quarter 2014 net income hit $290.2 million, a small increase compared with the $275.6 million it made in the second quarter of 2013.

Over the six months ended June 30, 2014, however, its net income fell to $584.1 million compared with $660 million in the first six months of 2013.

Dominic Addesso, president and chief executive officer, said: “Everest continues to generate strong earnings, despite a challenging marketplace. We are seeing select market opportunities, which is driving top-line growth and producing excellent underwriting margins and double digit returns on equity.

“This is driving growth in shareholder value with book value per share, adjusted for dividends, up over 10 percent through the first six months of the year. We continue to strategically manoeuver our underwriting portfolio to find the best opportunities and look forward to continuing this strong pace through the remainder of the year.”

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