Everest Re Q2 Net Income: $131.1 Million

August 1, 2011

1everestBermuda based Everest Re Group reported their second quarter net income was $131.3 million, a drop from the $156.7 million, for the same period last year.”

A statement from the Company said, “second quarter 2011 after-tax operating income which excludes net realized capital gains and losses, of $134.0 million, or $2.46 per diluted common share, compared to after-tax operating income of $184.8 million, or $3.18 per diluted common share, in the second quarter of 2010.”

“Net income, including net realized capital gains and losses, was $131.3 million, or $2.41 per diluted common share, for the second quarter of 2011 compared to $156.7 million, or $2.70 per diluted common share, for the same period last year.”

“For the six months ended June 30, 2011, the after-tax operating loss(1) was $189.6 million, or $3.49 per common share, compared to after-tax operating income of $111.0 million or $1.89 per diluted common share, for the first six months of 2010. Including net realized capital gains and losses, the net loss was $184.6 million, or $3.40 per common share, for the first six months of 2011, compared to net income of $134.0 million, or $2.28 per diluted common share, for the same period in 2010.”

Commenting on the Company’s results, Chairman and Chief Executive Officer, Joseph V. Taranto said, “While volatility persisted into the second quarter with further catastrophe loss events, our business franchise and capital position remains strong. We continue to be disciplined in our approach to risk and pricing and we are pleased with the underwriting portfolio we have constructed through the recent renewal cycles. While premium has come down modestly, overall we are achieving higher risk-adjusted returns on our business.”

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