Everest Re Group 2017 Q3 Net Loss: $639.4M
Bermuda-based Everest Re Group, Ltd. reported a net loss of $639.4 million, or $15.73 per common share for the third quarter 2017 compared to net income of $295.4 million, or $7.06 per diluted common share, for the third quarter of 2016.
The after-tax operating loss, excluding realized capital gains and losses, was $667.6 million, or $16.43 per common share, for the third quarter of 2017, compared to after-tax operating income1 of $273.2 million, or $6.53 per diluted common share, for the same period last year.
As previously announced, third quarter results included catastrophe losses, net of reinstatement premiums, of $1.2 billion for hurricanes Harvey, Irma, Maria and the Mexico City earthquake. The net after-tax impact on earnings from these events was $897.7 million or $22.09 per common share for the quarter.
For the nine months ended September 30, 2017, the net loss was $102.1 million, or $2.51 per common share, compared to net income of $622.8 million, or $14.70 per diluted common share, for the first nine months of 2016.
Commenting on the Company’s results, President and Chief Executive Officer, Dominic J. Addesso said, “This series of natural catastrophes highlights the nature of our business model. We have consistently generated strong margins which gives us the financial ability to respond to these events, without impairment.
“We are proud to be part of an industry that provides financial security to its customers in times of need. Looking forward, market conditions are expected to be more favorable allowing the industry to continue on a sound footing. We should benefit to a greater degree given the strong underwriting fundamentals of our portfolio.”
