Everest Re Group said yesterday that it plans to book a pretax fourth-quarter charge of $311 million to strengthen asbestos reserves, but that net income overall for full-year 2007 will come in about the same as 2006.

The Bermuda-based company said its bottom line net income for 2007--including the after-tax effect of the asbestos charge and net realized capital losses--should come in between $831 million and $851 million, or $13.06 and $13.37 per share.

In 2006, Everest recorded a comparable net income figure of $840.8 million, or $12.87 per share, which also included adverse loss development from pre-1995 asbestos losses of over $100 million. In addition, the 2006 bottom line took a hit of $272 million of adverse development from a 2005 storm.

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