Everest Re sees solid profits in Q3

Bermuda-based Everest Re enjoyed a strong third quarter with an increase in profits and growth in its reinsurance book.

Its profits hit $274.9 million for the third quarter of 2014, compared with $234.8 million for the third quarter of 2013. The reinsurer’s gross written premiums improved 14 percent to $1.7 billion.

Its worldwide reinsurance premiums, including the Mt. Logan Re segment, were up 19.5 percent to $1.3 billion driven by growth opportunities in US property and specialty lines business as well as strategic opportunities in Latin America. Insurance premiums were down 3 percent for the quarter primarily due to lower premium on crop business.

Everest Re’s combined ratio for the quarter hit 85.7 percent compared to 88 percent in the third quarter of 2013.

Dominic Addesso, president and chief executive officer, said: “We enjoyed another strong quarter with double digit growth in premium and a 16 percent annualised operating return on equity. Adjusted for dividends, book value per share has grown by 13 percent since the end of the year.

“Everest has distinguished itself in this challenging marketplace as a global leader with the demonstrable ability to leverage our resources and create opportunities that add value for both our clients and our shareholders.”