Everest Re reports first-quarter net income was up 26 percent onthe strength of no catastrophe losses and improved pricing duringthe first quarter of this year.
|The Hamilton, Bermuda-based insurer and reinsurer says netincome climbed $80 million over the same period last year to $384million. Total revenues were up 9 percent to $1.4 billion. Theimproving rate environment along with no catastrophe lossesimproved the combined ratio by 8.3 points to 80.7.
|Chairman and CEO Joseph V. Taranto says the industry benefittedfrom a quarter without catastrophe losses and Everest alsobenefited from its targeted growth strategy aimed at broadening itsbook and improving returns.
|During a conference call with financial analysts, executives saythe rate environment continues to show healthy growth and, at theworst, rates remain flat.
|Taranto told analysts that he was very happy with the ratetrends he is seeing, notably on Florida property where he says theyare encouraged by the June 1 renewals.
|However, July 1 international renewals are “fuzzier,” but hesays he is upbeat overall about the direction of premium rates.
|“I am extremely pleased with how our underwriting portfolio ispositioned and how our investment portfolio is positioned,” saysTaranto. “We are finding growth opportunities in our reinsuranceand insurance operations and I expect strong, top-line growth tocontinue this year.”
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