Bermuda-based Everest Re yesterday reported a 119 percent gain in net income for the fourth quarter with its posting of $121.8 million. The company?s results through December 31, 2003, which broke out to $2.15 per diluted share, compared to net income of $55.6 million, or $1.08 per diluted share, for the same period in 2002. For the year, Everest said its net income had grown 84.2 percent to $426 million, or $7.74 per diluted share in contrast to their earnings of $231.3 million, or $4.52 per diluted share, in 2002.

Business also came in above the previous period with a 38.5 percent increase with $1.26 billion in gross premiums written during the fourth quarter and a 60 percent gain for the year with a total of $4.57 billion in gross premiums.

CEO Joseph Taranto, in a press release issued from Barbados where the company does much of its business, cited the company?s high business numbers as a reflection of their reputation. ?The company?s results were excellent as our financial security, broad product expertise and market leadership reinforced our position as a reinsurer of choice. As we enter 2004, those same strengths should allow us to continue to deliver superior results for our shareholders.?