Everest Re reports Q3 results

Everest Re Group, Ltd. reported third quarter 2015 with net income available to common shareholders of USD88.6 million, or USD2.00 per diluted common share, for the third quarter of 2015, compared to net income of USD274.9 million, or USD6.00 per diluted common share, for the same period last year.

Gross written premiums were USD1.7 billion, an increase of three percent compared to the third quarter of 2014. Eliminating the unfavourable effects of foreign currency fluctuations, total premiums were actually up six percent. Worldwide reinsurance premiums, including the Mt. Logan Re segment, were down two percent, on a constant dollar basis, while insurance premiums were up 34 percent, quarter over quarter.

The combined ratio for the quarter was 89.0 percent compared to 85.7 percent in the third quarter of 2014. During the quarter, the Company had incurred losses of USD40 million for the Chile earthquake and USD60 million for the explosion in the port of Tianjin, China. Net investment income for the quarter was USD115.5 million, down from last year largely due to lower limited partnership income.