Everest Re has posted a solid set of results for 2014, as its special purpose reinsurer, Mt. Logan Re, helps drive growth at the Bermuda-based company.
For the full year, gross written premiums grew 10 percent to $5.7 billion with worldwide reinsurance premiums, including the Mt. Logan Re segment, up 15 percent. However, direct insurance premiums fell four percent for the year.
Profits fell to $1.2 billion in 2014, compared with $1.3 billion in 2013, while its combined ratio improved to 82.8 percent for the year, compared with 84.5 percent in 2013.
Dominic Addesso, president and chief executive officer, said: “Everest has had another stellar year with 10 percent growth in premium, 15 percent growth in operating earnings per share, and 16 percent growth in book value per share, adjusted for dividends.
“While it is a challenging marketplace, Everest continues to find and create opportunities for profitable growth due to our broadly diversified platform. Post January renewals, we remain confident in our ability to continue to generate strong returns for our shareholders.”
Mt. Logan Re, Everest Re, Bermuda, Reinsurance, Insurance, Dominic Addesso