Everest Re reports profit in Q1, with capital base “a source of strength”
Everest Re Group managed to post a profit in Q1 despite difficult market conditions, pointing to the ingenuity of its employees and its capital base as sources of strength.
Everest generated a net profit of $16.6 million in Q1 2020, down from $354.6 million in the same period of 2019.
Everest reported nearly $2.6 billion in gross written premiums in Q1, an increase of 21 percent on the figure for Q1 2019. The reinsurance segment grew 16 percent, while the insurance segment was up 33 percent.
Everest’s combined ratio increased to 98.6 percent for the first quarter, from 88.7 a year ago.
Juan Andrade, president and chief executive officer at Everest, said: “Above all it is the ingenuity, perseverance and dedication of our employees during these unique times that allows us to operate our business without interruption. Despite the impacts of the pandemic, Everest remains profitable and resilient with a strong capital base.”
Andrade cited Everest’s diversified global platform and broad mix of products, distribution and geography as a source of stable capacity to its broker partners and customers. “Our capital position remains a source of strength, with high quality invested assets, significant liquidity and low financial leverage. Our well-diversified investment portfolio is resilient, and we have taken additional steps to reposition it by moving up in credit quality and further reducing equity exposure,” he said.
