Posted on 27 Jul 2012 by Neilson
Everest Re Group Ltd.'s (RE) second-quarter profit jumped 63% as the insurer benefited from a comparison with a year- earlier period hit by heavy losses from natural disasters.
The insurance sector faced some of the worst quarters in years in 2011, after natural disasters that included devastating earthquakes in Japan and New Zealand and flooding in Thailand.
Earnings have improved sectorwide this year because of fewer major disasters.
Everest Re reported a profit of $214.6 million, or $4.08 a share, compared with a year-earlier profit of $131.3 million, or $2.41 a share.
Premiums earned were roughly flat at $1.04 billion.
Analysts polled by Thomson Reuters recently predicted earnings of $3.80 a share on premiums earned of $986 million.
Gross written premiums shrank 8% to $909 million, as a large contract in Florida wasn't renewed.
Incurred losses and loss-adjustment expenses fell 17%, and total claims and expenses declined 9%.