Everest Re enjoys market tailwinds in Q1 results

Everest Re posted a strong set of results in the first quarter with both its net profit and gross written premiums (GWP) seeing an uptick on the same period a year earlier, as its CEO stressed the company is well equipped to take advantage of market tailwinds.

The Bermuda-based re/insurer made a $365 million net profit, a solid improvement on the $298 million it made a year earlier. Its combined ratio was 91.2% for the group, 90.8% for reinsurance and 92.4% for insurance. Its GWP reached $3.7 billion, with year-over-year growth of 19.5% in constant dollars.

“Everest had a strong start to the year, with first quarter results that delivered significant underwriting profit, a 17.2% operating return on equity and a total shareholder return in excess of 14%,” said Juan Andrade, Everest president & CEO. “We delivered profitable growth across both underwriting franchises, particularly in reinsurance, where we continued to drive expanding margins. With our industry leading position, ongoing flight to quality, and relentless execution, we are well equipped to take advantage of market tailwinds.

“We also continued to invest in scaling our primary business in a disciplined manner. The insurance division generated an increased year-over-year underwriting profit by capitalizing on our diversified portfolio and improved pricing conditions. We advanced many of our strategic objectives this quarter, resulting in improved risk adjusted returns across the portfolio, and continued to manage natural catastrophe volatility demonstrated by the limited exposure to the severe weather events in North America during the quarter. We remain focused on bolstering our world class talent and I am confident in their ability to capitalize on attractive market opportunities in the year ahead.”