ProgramBusiness
 
  


Loading LiveCycle Banners.
  1. News Articles
  2. Related News Articles
  3. Comments
News Article Details

Everest Re's 2nd-Quarter Net Up 63% on Fewer Expenses

Source: Dow Jones

Back | A- | A+
 Email This     Print     Subscribe


Posted on 27 Jul 2012 by Neilson

Everest ReEverest 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%.


Comments

Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000