Insurance Post

Everest Re announces $61.1m profit

Bermuda-based reinsurer Everest Re has reported a net profit of $61.1m for the first quarter of 2002,...

Bermuda-based reinsurer Everest Re has reported a net profit of $61.1m for the first quarter of 2002, a 22% increase from $50.1m for the same period in 2001.
Gross premiums written for the first quarter of 2002 totalled $596.3m, a 42% increase from $419.4m in 2001 The group's combined ratio was 99.3%, down from 103% in the first quarter of 2001. The group's investment income fell slightly from $86.2m a year ago to $85.5m.
US property and casualty reinsurance premiums for the first quarter increased by 50.3%, largely due to increased pricing. International reinsurance premiums increased by 26% as a result of improving market conditions, particularly in Canada, Latin America and London.
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