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Everest Re Group Q3 net income jumps by 298% to $251m

Everest Re Group has reported $250.9m in net income or $4.82 per diluted common share for the third quarter 2012, an increase of 298% compared to $63.1m, or $1.16 during the same period last fiscal.

After-tax operating income, excluding realized capital gains and losses, stood at $210.6m, or $4.05 per diluted common share, up by 43.5%, from $146.7m, or $2.70 per diluted common share, during the comparable period earlier year.

The underwriter chairman and chief executive officer Joseph Taranto said, "Our record pace continues with another quarter of comprehensive income in excess of $400 million."

"Through nine months, we have generated almost $1 billion of comprehensive income for our shareholders, resulting in growth in book value per share, adjusted for dividends, of 17.4%."

For the nine months ended on 30 September 2012, its net income was $770.2m, or $14.61 per diluted common share, compared to a net loss of $121.5m, or $2.24 per common share in 2011.

Its gross written premiums for the latest quarter stood at $1.2bn, up by 7% compared to the third quarter of 2011, while Worldwide, reinsurance premiums were down 2.5% to $869.5m.

Bermuda holding company Everest Re through its subsidiaries offers reinsurance to property and casualty insurers in both the US and international markets.