By Rebecca Zuill

Everest Re is reporting third quarter operating profits of $280.5 million or $6.12 a share, up 37 percent on the $205 million or $4.12 a share generated in the Q3 2013 period.

The Insurance Insider, reporting on the results, said the reinsurer had “significantly outperform(ed) analysts’ consensus of $5.03 a share,” and added: “Everest Re has comfortably outpaced Wall Street forecasts for the third quarter after delivering solid top and bottom line growth.”

The London-based publication commented: “The earnings beat was predominantly fuelled by bettered underwriting income, helped by a 13.4 percent rise in earned premiums and a lighter burden from catastrophes during the period.

“Third quarter cat losses totalled $30 million or 2.2 points on the combined ratio — down from the $75 million or 6.1 point impact reported in Q3 2013 — arising from Hurricane Odile and an increase in estimated losses for the Q2 Chile earthquake.

“This drove a 2.3 percentage point improvement in the company’s combined ratio to 85.7 percent year-on-year.” The Insurance Insider noted Everest Re’s accident year combined ratio, excluding reinstatement premiums, widened slightly, increasing by 1.4 points to 83.7 percent.

Everest Re chief executive officer Dominic Addesso was quoted by The Insurance Insider saying: “Everest has distinguished itself in this challenging marketplace as a global leader with the demonstrable ability to leverage our resources and create opportunities that add value for both our clients and our shareholders.”