Everest Re Group achieves profitable growth in Q1 2017
Bermuda-based Everest Re Group has reported a jump in premium and profitability in the first quarter of 2017.
Net income was up 69 percent in the first quarter of 2017 at $291.6 million. Gross written premiums in the quarter were up 18 percent at $1.6 billion.
“We continue to see strong momentum across our underwriting operations, with opportunities in both reinsurance and insurance,” said Everest Re president and CEO Dominic Addesso. “This growth is not coming at the expense of margin as we hold fast to our underwriting principals, which are focused on sustained profitability regardless of the market cycle. This strategy coupled with the returns we are achieving on our growing investment portfolio are providing for the strong results we saw in the quarter.”
Net investment income increased 19 percent year-on-year in the first quarter to $122.3 million.
Worldwide reinsurance premiums were up 19 percent at $1.2 billion, primarily due to the new crop reinsurance transaction and growth in financial lines premium. Direct insurance premiums were up 15 percent to $434 million, quarter over quarter, and the company said that this was consistent with the growth trends noted in 2016.
The combined ratio was 86.0 percent for the quarter, in line with the first quarter of 2016. Excluding catastrophe losses in the quarter from the Australian windstorm, Cyclone Debbie, and prior year development, the attritional combined ratio improved slightly to 84.5 percent from 85.3 percent reported in the same period last year.
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