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Everest Re Posts Profit – Analyst Blog

Zacks Market Commentaries (November 2nd, 2009) Writes:
Everest Re Group’s (RE) third-quarter earnings of $3.43 per share missed the Zacks Consensus Estimate of $3.47. Last year, the company had reported earnings of 20 cents per share. Strong property reinsurance rates coupled with the low catastrophe activity had resulted in favorable earnings.   The net income was $228.6 million, compared to a loss of $233.1 million in the prior year period.   Gross written premiums increased 13% to $1.1 billion for the quarter compared to $999.2 million for the same period in 2008. This growth was driven by a strong U.S. reinsurance property market, particularly for catastrophe exposed regions, the continued expansion of business in various international reinsurance markets and new program development on the insurance book.   Net investment income was $165.4 million, flat compared to the third quarter of 2008. Despite a higher invested asset base, the net investment income remained flat because of ...

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