Reinsurer posts 151.4% combined ratio

Bermudan reinsurance group Everest Re made a net loss of $315.9m for the first quarter of 2011 after being hit by $634.4m of catastrophe losses during the quarter.

The Q1 2011 loss compared with a loss of $22.7m in the same period of 2009 after suffering catastrophe losses of $337.4m.

Everest’s Q1 2011 combined ratio was 151.4%, up sharply from the 124.9% it posted in the same period last year.

Gross written premiums were up 4% to $1.1bn from $1bn. Investment income increased to $155.6m from $142m.