Everest Re reports jump in first quarter 2019 profits

Bermuda-based Everest Re Group posted growth in both its reinsurance and insurance businesses driven by solid underwriting and investment returns, according to its chief executive Dominic Addesso.

The group's net income for the first quarter of 2019 was $348.9 million, up from $210.3 million for the same period in 2018.

The company improved its combined ratio for the quarter to 88.7 percent, compared to 93.3 percent in the first quarter of 2018.

Gross written premiums for the quarter were $2.1 billion, an increase of 10 percent year-on-year.

Worldwide reinsurance premiums were up 7 percent to $1.5 billion, which Everest suggested was primarily driven by increased casualty and property pro-rata premiums, increased shares on existing business and profitable new growth.

“During the first quarter of 2019 Everest produced very strong financial results while continuing to expand our market profile with growth in both our reinsurance and insurance businesses," said Addesso. "The company delivered $8.54 of net income per diluted common share, equal to a 17 percent annualised return on equity, driven by both solid underwriting and investment returns."

"Our underwriting operations are strategically balanced between reinsurance and insurance, allowing us to quickly respond to market conditions across virtually all classes of business and territories in building the optimal portfolio of risks,” he added.