29 October 2019Insurance

Everest Re combined ratio rises to 101.4% on catastrophe losses

Everest Re Group has reported a combined ratio of 101.4% for the third quarter, up from 100% for the same period in 2018, as Hurricane Dorian and Typhoon Faxai took their toll.

There were $280 million of current year catastrophe losses, net of reinsurance and reinstatement premiums, incurred in the third quarter of 2019 which were related to Hurricane Dorian and Typhoon Faxai. Net income fell to $104.4 million, from $198.4 million. Investment income has helped to compensate for insurance losses. Net investment income rose 12 percent to $181.1 million

President and chief executive Dominic J. Addesso said: “Everest generated an impressive 13 percent annualized net income return on equity for the 9 months year to date. Our business and balance sheet are built to provide meaningful protection for our clients, as was the case this quarter with the previously announced catastrophe losses from Hurricane Dorian and Typhoon Faxai. Everest’s mix of business between reinsurance and insurance, supported by robust investment income, results in a strategic balance that has contributed to our longevity and success over many years.”

Gross written premiums for the quarter were $2.4 billion, up 9 percent on a year earlier. Direct insurance premiums were up 29 percent, at $666.6 million, continuing with the diversified growth trends noted in recent years. Worldwide reinsurance premiums increased 3 percent to $1.7 billion.

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More on this story

Insurance
22 October 2019   The chief underwriting officer of Everest Insurance, the specialty insurance operation of the Everest Re Group, is in Boston this week seeking deeper and more intimate relationships with its reinsurers.
Insurance
16 October 2019   Hurricane Dorian and Typhoon Faxai combined to push Everest Re Group to an estimated pre-tax catastrophe loss of $280 million.