Everest Re Profit Climbs To $109.6M

Everest Re Profit Climbs To $109.6M

The company said its second-quarter gross premiums written reached $1.07 billion, a jump of nearly 70 percent compared to $630 million posted one year earlier. Everest Re's net premiums written for the second quarter were $988 million, a 65 percent increase from one year ago.

The reinsurer's combined ratio using Generally Accepted Accounting Principles also improved, to 95.5 percent from 97.6 percent in 2002 second quarter. The company's net investment income also rose in the second quarter, to $102.1 million compared to $90.8 million one year ago.

Commenting on the company's latest financial results, Everest Re's chief executive officer Joseph Taranto said, "Solid execution in firming markets contributed to the Company's robust top-line growth, excellent cash flow, continued improvement in underwriting margins, and strong earnings and book value growth."

Everest Re, a property-casualty reinsurer marketing to United States and international insurers, specializes in several areas, which include marine, aviation and surety, as well as medical malpractice, directors and officers liability, and professional errors and omissions liability.