Everest Re Group says second-quarter net income increased about 28.4 percent to $275.6 million on a rise in premiums.
The Hamilton, Bermuda-based insurers says second-quarter gross written premiums were up 39 percent, compared to the same period a year ago, to $1.26 billion—primarily driven by a large Florida quota share reinsurance contract.
Without this contract, second-quarter gross written premiums were up 11%, as reinsurance premiums were up about 7 percent worldwide, reflecting new business growth, says Everest Re.
California workers' compensation and non-standard auto business drove a 24 percent increase in insurance premiums during the second quarter.
For the second three-month period of 2013, catastrophe losses were $90 million from tornadoes and hail in the U.S. and flooding in Europe and Canada. Post reinstatement premiums and taxes, the net impact of catastrophes is $73.2 million.
Everest Re posts a second-quarter combined ratio of 87.6 compared to 89.0 a year ago.
After six months, Everest Re says net income is up about $141 million compared to 2012, to about $660 million.
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