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Everest Re reports Q4 08 net loss of $16.6 million

Compared to a net income of $12.2 million for Q4 07

Everest Re Group has reported a net loss of $16.6 million, or $0.27 per share, for the fourth quarter of 2008, compared to net income of $12.2 million, or $0.19 per diluted share, for the same period in 2007.

Fourth quarter 2008 after-tax operating income, which excludes realised capital gains and losses, was $179.5 million, or $2.93 per share, compared to after-tax operating income of $63.2 million, or $1 per diluted share, in the fourth quarter of 2007.

Total revenues for the fourth quarter of 2008 were $722.78 million, compared with $1.12 billion earned during the same quarter of 2007.

The company had a net loss of $18.8 million for the year ended December 31, 2008, or $0.30 per share, compared to net income of $839.3 million, or $13.19 per diluted share, for 2007.

For the year 2008, after-tax operating income was $562.7 million, or $9.12 per share, for 2008, compared to $776.9 million, or $12.21 per diluted share, for 2007.

Total revenues for the year 2008 decreased to $3.53 billion as against total revenues of $4.78 billion posted in the year 2007.