Bermudian reinsurer grows GWP 22%

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Everest Re has reported an operating profit after tax of $205m for Q3 2013, down 2.7% from $210.6m for the same period last year.

The Bermuda-based reinsurer grew gross written premiums (GWP) by 22% to $1.5bn for the quarter and total reinsurance premiums were up 24% to $1.1bn.

The overall combined operating ratio (COR) was 88% for Q3, up 0.8 percentage points on Q3 2012’s 87.2%. Excluding catastrophe losses, the COR for the period was 82.3%, with Everest Re suffering from $75m of losses over the quarter. These losses were mainly attributable to hailstorms in Germany and flooding in Canada.

Chairman and chief executive Joseph Taranto said: “Through the first nine months we had $895m of net income for a 19% return on equity, and grew premium by 24%. Over the last several years we have strategically focused on expanding our global footprint and improving our risk-adjusted returns. I want to thank our staff, who I believe are the best in the business, for their terrific work, which helped us achieve these goals.”