Despite experiencing an adverse loss development of $300 million from 2005 storms and asbestos losses, Everest Re reported its best earnings year ever.

The Bermuda-based company's full-year 2006 net income figure of $840.8 million, or $12.87 per share, compared to a bottom-line net loss in 2005 of $286.1 million, or $4.96 per share.

During a conference call this morning, Craig Eisenacher, Everest chief financial officer, attributed much of the 2006 full-year income result and record low full-year combined ratio of 89.7 to a relative lack of catastrophe activity.

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