Everest Re Group Ltd. boosted its net income by more than $30 million in the first quarter of 2009, driven by all-round solid financial results.

The company saw its profits rise to $108.6 million or $1.77 per share for the first quarter from $77.9 million or $1.24 per share during the same period in 2008.

Gross premiums written for the company increased 14 percent to $997.8 million in 2009 from $877.5 million in the opening quarter of 2008.

Meanwhile, its combined ratio advanced to 89.7 percent versus 89.1 percent a year prior, but net investment income slumped to $68.8 million from $150.1 over the corresponding period.

Joseph Taranto, chairman and CEO of Everest Re, said,:"We are pleased with the opportunities we are seeing in our markets. Everest's solid franchise, long term relationships, sound balance sheet, and excellent financial ratings, have facilitated growth as our clients seek stability and security from their reinsurance partners."

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