6 August 2020News

Everest Re sees profits dip in Q2 but insists it has strong forward momentum

Everest Re saw profits dip in the second quarter compared to the same period of 2019, but insisted it had enjoyed a solid quarter in the circumstances, with strong forward momentum across the business.

Everest reported a profit of $190.9 million in the second quarter of 2020, having made $332.9 million in the same period of 2019. For the first six months of the year it made $207.5 million, down from $687.4 million in the same period of 2019.

The re/insurer reported gross written premium of $2.4 billion for Q2, up 9.4 percent compared to the same period of 2019.

Its combined ratio was 97.5 percent for Q2, comprising 95.4 percent for the reinsurance segment and 103.4 percent for the insurance segment. The attritional combined ratio excluding the pandemic impacts improved to 88.5 percent, Everest said, compared to 88.6 percent in Q2 2019.

Everest Re group president and chief executive Juan Andrade said the re/insurer has “strong forward momentum across our reinsurance and insurance segments.”

He added: “Despite the current challenging and uncertain public health, economic, and social environment, Everest reported another solid quarter and first half of 2020 results. Our ability to successfully leverage our capital position, our global platform, and our success in executing against our objectives - even under adverse conditions - drive our results.”