78% leap in earnings for Bermuda reinsurer

Everest Re Group reported second quarter 2009 net income of $272.6m compared to net income of $153m for the second quarter of 2008, a rise of 78%.

It was a record set of earnings for Everest Re, which says it is well positioned in the current financial situation. The company also benefited from a share-repurchase arrangement.

Everest Re’s chairman and CEO, Joe Taranto, said: “We are pleased with the results for the first half of the year, and believe we are well positioned to continue to produce quality earnings.

“During the quarter, we bought back $49.4m of our common shares under our share repurchase program and we remain committed to delivering value to our shareholders through efficient and effective capital management.

“Since the beginning of the year, we have returned more than $108m of capital, both in the form of dividends and share repurchases and opportunistically repurchased outstanding debt at a significant discount.”