Bermuda-based re/insurer Everest Re has reported a $243.1 million net income for the third quarter, up from $104.4 million in the prior year quarter.
After-tax operating income for the quarter was $97 million, down from $138.4 million in 2019.
Pre-tax catastrophe losses totalled $300 million, an amount that is net of reinsurance and reinstatement premiums.
These losses include the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the Midwest United States Derecho windstorm.
Everest Re’s pre-tax pandemic losses during the quarter reached $125 million. To date, the company has incurred $435 million of losses related to COVID-19.
The reinsurance segment saw gross written premiums of $2.1 billion, a 20% increase over the same period in 2019.
Combined ratio for the segment was 105.4%, which included catastrophe losses of 16.3% and Pandemic losses of 6.7%.
Pre-tax catastrophe losses were $262.7 million, net of reinsurance and reinstatement premiums, and pre-tax net pandemic losses of $110 million.
Net investment income for the group was $234.2 million and includes limited partnership gains of $88.8 million.
“Everest is benefitting from a flight to quality and strength in the reinsurance and insurance markets. This is an underwriter’s market,” said Everest Re Group President & CEO Juan C. Andrade.
“Our broadly diversified reinsurance and insurance franchises, our financial strength, deep distribution relationships, and our focus on providing solutions to our customers position us well for this environment.
“Everest’s core strength is evidenced by our third quarter 2020 results where we achieved 16% growth in gross written premium, an improved attritional combined ratio of 85.8% and net income of $243 million.”
