Everest Re Group, Ltd. reports its third quarter 2022 results, stating that “Everest’s diversification strategy and underwriting discipline were key to reducing its exposure to one of the largest hurricane losses in U.S. history.” increase.
Q3 2022 Highlights
- Net operating loss of $205 million and net loss of $319 million resulted from a brisk catastrophe quarter and volatile market conditions. 2022 net operating income of $587 million, net income of $101 million and underwriting income of $109 million
- $3.7 billion in gross premiums written [GWP] Group growth of 6.3% year-on-year at constant dollars, insurance of 13.1% at constant dollars and reinsurance of 3.4% at constant dollars
- The combined ratio of 112.0% for the Group, 115.0% for Reinsurance and 103.5% for Insurance was up on the previously announced catastrophic losses in the quarter.
- The strong impairment combined ratio of 87.6% for Group, 86.8% for Reinsurance and 89.8% for Insurance is a new record for this segment.
- Pre-tax underwriting losses of $367 million include pre-tax catastrophe losses of $730 million, net of previously announced estimated recoveries and reinstatement premiums . Losses were primarily due to Hurricane Ian and other events such as European hail storms, Hurricane Fiona and Typhoon Nanmadol.
- Net investment income of $151 million. This was due to continued improvement in bond market earnings, partially offset by volatile equity markets and delays in reporting private equity.
Juan C. Andrade, President and CEO of Everest Re Group, commented on the company’s performance. Navigate this turbulent era of history.
“Everest’s diversification strategy and underwriting discipline have been key to reducing our exposure to one of the largest hurricane losses in U.S. history. We are poised to take advantage of a hardening market.
“Despite the challenging macroeconomic environment, both underwriting businesses continue to deliver underwriting, operating and net income gains on a year-to-date basis with an impairment combined ratio of less than 90. As we continue to grow and diversify across geographies, businesses and product lines, with top talent leading our platform, we are focused on executing our strategic plan to continue building the company for the long term. increase.”
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