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Everest Re Q1 Net Income Climbs 26%.

Byline: Mark E. Ruquet,

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.

During a conference call with financial analysts, executives say the rate environment continues to show healthy growth and, at the worst, rates remain flat.

Taranto told analysts that he was very happy with the rate trends he is seeing, notably on Florida property where he says they are encouraged by the June 1 renewals.

However, July 1 international renewals are "fuzzier," but he says he is upbeat overall about the direction of premium rates.

"I am extremely pleased with how our underwriting portfolio is positioned and how our investment portfolio is positioned," says Taranto. "We are finding growth opportunities in our reinsurance and insurance operations and I expect strong, top-line growth to continue this year."
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Publication:Property and Casualty 360
Date:Apr 24, 2013
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