Last year’s loss reversed despite low investment return

Everest Re reported net income for the year at $807.0m, turning around the previous year’s net loss of $18.8m.

After-tax operating income was $763.7m, up from $562.7m in 2008 and its combined ratio fell from 95.6% to 89.6% with its reinsurance combined ratio down to 84.8% from 92.3%.

Financial highlights (2008 in brackets)

  • Gross written premiums $4,128,955 ($3,678,139)
  • Net written premiums $3,929,761 ($3,505,213)
  • Net premiums earned $3,894,098 ($3,694,301)
  • Reinsurance Gross written premiums $3,286,391 ($2,906,341)
  • Pre-tax investment income $547,793 ($565,887)
  • Net pre-tax catastrophe losses $65,166 ($307,198)
  • Net income/loss $806,989 (-$18,758)
  • Operating income $763,707 ($562,732)
  • Combined ratio 89.6% (95.6%)
  • Reinsurance Combined ratio 84.8% 92.3%

Chairman and chief executive officer, Joseph Taranto said, "We are pleased to have grown premium 12%, achieved a 15% return on equity and increased book value per share by 27% in 2009. Our performance demonstrates the strength of the Everest franchise."

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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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