Everest Re Group’s Addesso hails ‘outstanding’ Q2 2019 results with growth in premiums and income in H1 2019

Everest Re Group’s CEO praised the firm’s “outstanding result” in the second quarter of 2019 as it reported growth in written premiums and net income in its results for Q2 2019 and the first six months of the year.

Gross written premiums (GWP) for the second quarter of 2019 increased 5 percent to $2.16 billion up from $2.06 billion for the same quarter in 2018.

Net income rose to $342.9 million up from $69 million in the same period a year previously and the combined ratio improved to 89.2 percent down from 105.1 percent.

Investment income jumped by 27 percent to $179 million in 2019 up from $141 million in Q2 2018.

The quarter saw “no current year catastrophe losses incurred”, the company said.

For the first half of the year, GWP rose to $4.29 billion in H1 2019 from $3.99 billion in H1 2018.

Net income also rose to $691 million in the first half of the year up from $280 million for the same period in 2018. And the combined ratio improved to 88.9 percent for the six months ending June 30 2019, down from 99.4 percent for the same period a year earlier.

President and chief executive Dominic Addesso said: “Everest delivered outstanding results for the quarter, with a 16.1 percent annualised net income return on equity, driven by both solid underwriting and investment performance. With nearly $9 billion in common equity and strong franchises in both reinsurance and insurance, our ability to adjust the mix of business to optimize our portfolio was again evident this quarter, as Everest added top line in insurance and casualty reinsurance along with a strong property cat renewal to take advantage of the improved market conditions.”

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