Everest Re Group reported that, despite previously unrevealed additional after-tax losses of $50 million from last year's hurricanes, it had first-quarter net income of $168.4 million, a slight boost over last year.
The first-quarter income figure for the Hamilton, Bermuda-based firm, equivalent to $2.57 per share, was a little less than 1 percent higher than last year's first-quarter income amount, $167.1 million, or $2.93 per share.
During a conference call yesterday, analysts expressed surprise that Everest management chose not to disclose the $50 million in hurricane losses development earlier. But executives said they had only recently made the decision to boost loss estimates, and characterized the addition as a typical outcome of assembling–and making high-level judgments about–vast amounts of underlying data in the months following storms.
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