Everest Re reports first-quarter net income was up 26 percent on the strength of no catastrophe losses and improved pricing during the first quarter of this year.
The Hamilton, Bermuda-based insurer and reinsurer says net income climbed $80 million over the same period last year to $384 million. Total revenues were up 9 percent to $1.4 billion. The improving rate environment along with no catastrophe losses improved the combined ratio by 8.3 points to 80.7.
Chairman and CEO Joseph V. Taranto says the industry benefitted from a quarter without catastrophe losses and Everest also benefited from its targeted growth strategy aimed at broadening its book and improving returns.
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