Premiums and profit surge at Everest Re in 'excellent' second quarter 2021
Bermuda-based re/insurer Everest Re had an "excellent" second quarter 2020 with profit increasing more than three-fold and reinsurance book expanding premiums by almost 40 percent. Its chief executive Juan Andrade (pictured) highlighted that the company's focus on "disciplined underwriting" drove strong profitability across global operations.
The re/insurer made a net profit of $680 million in Q2 2021, taking its first-half profit to over $1.02 billion. In 2020, Everest generated a much smaller profit of $190.9 million in Q2, and $207.5 million in H1.
Gross written premium grew by an impressive 35 percent to $3.19 billion in Q2 this year, compared with $2.37 billion in Q2 2020. For the first half of 2021, the GWP came in at $6.12 billion, 24 percent up from $4,94 billion reported in H1 2020.
Everest's combined ratio also improved to 89.3 percent in Q2 and 93.6 percent in H1 2021, compared with 97.5 percent in Q2 and 98.1 percent in H1 2020.
The company's reinsurance segment recorded 40 percent growth in gross written premiums for the quarter, notably in Europe, Bermuda, London, and Latin America.
Andrade said: “ Everest had an excellent quarter across the board with very strong growth and outstanding underwriting and investment performance."
He noted that the company capitalised on market opportunities to expand in both reinsurance and insurance, driven by the relentless execution of our strategies and the valuable risk solutions. "Our focus on disciplined underwriting drove strong profitability in both reinsurance and insurance across our global operations," he said.
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