Everest Re Profit Climbs To $109.6M

NU Online News Service, July 11:50 a.m. EDT

The company said its second-quarter gross premiums writtenreached $1.07 billion, a jump of nearly 70 percent compared to $630million posted one year earlier. Everest Re's net premiums writtenfor the second quarter were $988 million, a 65 percent increasefrom one year ago.

The reinsurer's combined ratio using Generally AcceptedAccounting Principles also improved, to 95.5 percent from 97.6percent in 2002 second quarter. The company's net investment incomealso rose in the second quarter, to $102.1 million compared to$90.8 million one year ago.

Commenting on the company's latest financial results, EverestRe's chief executive officer Joseph Taranto said, "Solid executionin firming markets contributed to the Company's robust top-linegrowth, excellent cash flow, continued improvement in underwritingmargins, and strong earnings and book value growth."

Everest Re, a property-casualty reinsurer marketing to UnitedStates and international insurers, specializes in several areas,which include marine, aviation and surety, as well as medicalmalpractice, directors and officers liability, and professionalerrors and omissions liability.