Everest profit slides on loss creep and capital losses
Everest Re said its third quarter net profit dropped by nearly two thirds (64 percent) from a year ago to $63.1mn as loss creep on the Japanese and New Zealand earthquakes marred the firm's results.
Everest reported $119.4mn third-quarter catastrophe losses, including $35mn in claims from Hurricane Irene, with the rest the result of additions to quake reserves.
The slide in net profit was due to $83.6mn in net capital losses taken from writedowns on its stock portfolio - significantly...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.
Purchase
Follow us:
