But GWP grows 22% compared to 2012
Everest Re has reported an operating profit after tax of $205m (£126.6m) 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.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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