Bermuda-based reinsurer Everest Re this week reported that its net income for the third quarter had topped $100 million and that business written during that period exceeded the $1 billion mark.

The company reported that net income was up 63.7 percent to $100.3 million with the quarter's favourable results comparing to net income of $61.3 million during the same period last year.

Everest, which provides reinsurance to property and casualty insurers in both the US and internationally, said its operating income for the period came in at $126.2 million, a 89.9 percent increase over the $66.5 million made in the third quarter of 2002. Operating income differs from net income in that it excludes realised gains and losses on investments.

Net investment income appears to have been a significant contributor to the company's strong results with its posting of $100.3 million for the quarter, which compared to $86.4 million for the same period last year.