NU Online News Service, July 29, 12:48 p.m. EDT
Bermuda-based reinsurer, Everest Re Group Ltd. reported a 42.5 percent drop in 2010 second quarter net income, while also announcing that Chief Executive Officer Joseph V. Taranto will retire as of Dec. 31.
Ralph Jones, president and chief operating officer, will succeed Mr. Taranto, the company said.
Everest Re said 2010 second quarter net income was $156.7 million, down from $272.6 last year at this time. The decline included the impact of $69.7 million in catastrophe losses.
The combined ratio for the second quarter was 93.2, up from 87.5 in 2009.
Second-quarter operating income was $184.8 million, compared to $256.2 million a year ago.
Gross written premiums increased 4 percent compared to a year ago as worldwide reinsurance premiums increased 6 percent to $808.6 million.
Net investment income was down 1 percent to $165.7 million.
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