Posted on 29 Jul 2010
Bermuda reinsurer Everest Re Group Ltd. posted a second-quarter operating profit that beat analysts estimates, helped by higher earned premiums, and said its Chief Executive Joseph Taranto will retire on Dec. 31.
President and Chief Operating Officer Ralph Jones will replace Taranto from Jan. 1, 2011, while Taranto will remain the chairman of the board, Everest Re said in a statement.
The company reported operating profit -- a measure followed by insurance analysts -- of $184.8 million, or $3.18 a share, compared with $256.2 million, or $4.16 a share a year earlier.
Analysts on average expected the company to post earnings of $2.75 a share, excluding items, according to Thomson Reuters I/B/E/S.
Premiums earned rose 3.5 percent to $989.9 million from $956.9 million last year.
Net profit was $156.7 million, or $2.70 a share, compared with $272.6 million, or $4.43 a share a year ago.
Combined ratio, which is the percentage of premiums an insurer has to pay out in claims and expenses, rose to 93.2 percent from 87.5 percent last year.