Everest Re reported first quarter net income up by 55% to $94.4m (£59.3m) from $61.1m (£38.4m) in the same period last year.

The Bermuda-based reinsurance group wrote gross premiums of $1bn in the first three months of the year compared to $596m in 2002. Its combined ratio for the quarter was 93.5% compared to 99.3% in 2002.