25 July 2017Insurance

Everest Re claims ‘excellent’ Q2 2017 results

Bermuda-based Everest Re has reported that it made a profit of $245.7 million for the second quarter of 2017, a marked improvement on the $155.7 million it made in the same period of 2016.

The second quarter results take the company to a first half 2017 profit of $537.3 million, again an improvement on the first half 2016 figure of $327.4 million.

Everest Re said that gross written premiums for the quarter were $1.6 billion, an increase of 17 percent compared to the second quarter of 2016. Worldwide, reinsurance premiums were up 14 percent, with growth coming from the new crop reinsurance program, increased shares on property pro-rata treaties, and growth in financial lines business.

Insurance premiums were up 25 percent, quarter over quarter, with continued growth on new initiatives. According to the company excluding the HCI crop business that was sold in 2016, the insurance segment premium was up 41 percent, quarter over quarter.

Net investment income over the first half of 2017 remained relatively steady, at $256.8 million, up on the $235.3 million it made in the first six months of 2016.

The company said that catastrophe losses, net of reinsurance, amounted to $53.5 million in the quarter, with current quarter catastrophe losses from the South African (Knysna) fires, Colorado hailstorms, and Peru flooding. The net impact of these losses, after reinstatement premiums and taxes was $46.6 million.

“Everest continues to generate double digit ROE’s, while steadily growing its capital base,” said Dominic Addesso, president and CEO. “Strong underwriting results, with an attritional combined ratio of 86.7 percent for the quarter, coupled with stable investment income are providing for solid growth in book value per share. We seek out opportunities for profitable growth in both our reinsurance and insurance books and have been successful as borne out by these excellent results.”

Don't miss our monthly insurtech email newsletter - sign up today

Today’s stories

Sirius taps QBE Re “rising star” for casualty reinsurance

Ironshore reveals new COO of global unit

Ryan Specialty Group merges rival to wholesale brokerage unit

Beazley poaches Chubb financial lines head in Singapore

Pioneer boosts marine team with new hire from IGI UK

Beach hires RenRe exec for casualty reinsurance

ProSight teams up with International Special Risk for marine programme

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
31 October 2017   Bermuda-based Everest Re reported a net loss of $639.4 million for the third quarter of 2017.
Insurance
6 September 2017   Everest Insurance has appointed Debbie Weiser as the new leader of excess casualty within Everest Specialty Casualty.
News
16 August 2017   Everest Reinsurance Company (Everest Re) has appointed Darwin Lucas as vice president and head of US casualty programmes for all general casualty and professional liability lines of coverage within the facultative reinsurance division.