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Everest Re Estimates Third-Quarter Earnings


Posted on 21 Oct 2010

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Everest Re Group Ltd.  said it expects third-quarter net income, including net realized capital gains and losses, to be in the range of $2.95 to $3.20 per share. After-tax operating income, which excludes net realized capital gains and losses, is expected in the range of $2.55 to $2.75 per share.

Analysts polled by Thomson Reuters expect the company to report earnings of $2.84 per share for the quarter. Analysts' estimates typically exclude special items.

The company noted that results for the third quarter are impacted by about $75 million of catastrophe losses, net of reinstatement premiums and taxes, and lower net investment income on limited partnerships, due to lower equity market valuations.

Catastrophe losses represent third quarter events, including the New Zealand earthquake and the hailstorm in Calgary.

The company will release its third quarter 2010 earnings on November 1, 2010.


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