Everest Re report $81 million loss for 2011

Everest Re has reported a net loss of $80.48 million for 2011, compared with a net profit of $610.75 in 2010.

Commenting on the results, chairman and chief executive officer, Joseph Taranto said that while catastrophe losses have had a significant impact on Everest Re’s results in 2011, their balance sheet remains strong with capital still in excess of $6 billion.

“This served us well during January renewals as we constructed a portfolio that enjoyed better rates and terms and, accordingly, we are optimistic about the prospects for 2012,” he says.