An earthquake in Chile and the Tianjin explosion in China resulted in $100 million of insured losses for Everest Re Group in the third quarter.

The company made a profit of $88.6 million, down from the $274.9 million achieved during the same three months in 2014.

Everest’s after-tax operating income available to share holders was $200.2 million, or $4.53 per common share, down from $280.5 million year-on-year.

Dominic Addesso, president and chief executive officer, said: “We are pleased with the results that Everest has achieved thus far this year considering the challenging market dynamics — both on the underwriting and investment fronts.

“After-tax operating income totalled $755 million through the first nine months of the year, despite a number of industry events, leading to a 14 per cent annualised operating return on equity and a 4 per cent growth in book value per share.

“Premium, on a constant dollar basis, was up 4 per cent for the year, as we continue to seek out opportunities for profitable growth.”

Everest’s gross written premiums for the quarter were $1.7 billion, up 3 per cent. Insurance premiums were up 34 per cent, quarter over quarter.

The Tianjin explosion in August resulted in $60 million of insured losses incurred by Everest, while last month’s Illapel earthquake in Chile resulted in a further $40 million of losses.

Net investment income was down $115.5 million, however shareholders’ equity stood at $7.5 billion at the end of the quarter, with book value per share up 4 per cent since the start of the year at $173.76.

Everest repurchased 1.1 million of its common shares during the quarter, at a total cost of $200 million. Since the start the company has repurchased 1.8 million of its shares, at a total cost of $325 million.