Bermuda-based Everest Re Group. Ltd. (RE) on Monday swung to a net loss in the fourth quarter, hurt by hurricane claims.

The company, which kicked off the Bermuda insurance earnings season, posted a net loss of $162.2 million or $2.63 a share, compared with net income of $93.3 million or $1.64 a share a year ago.

After tax operating losses for the reinsurer, which exclude investment gains and losses, were $185.8 million or $3.01 a share. On that basis, analysts had expected Everest Re to lose $3.10 a share.

In January Everest Re raised its loss estimate for Hurricanes Katrina, Rita and Wilma, which hit the Gulf Coast this season, to $1.2 billion, from $1 billion. The company provides backup coverage for regular insurers.

Investors have remained bullish on Everest Re, which is not governed by U.S. state regulators and can raise rates in hurricane-damaged areas. It rose 19 percent during 2005, beating both the Standard & Poor's insurance index and the S&P 500.

During the year, shareholders' equity rose to $4.14 billion from $3.71 billion at the end of last year, according to the company.

Many Bermuda-based insurers and reinsurers are expected to post losses for the fourth quarter and the full year as a result of the record hurricane season.

Industry leader ACE Ltd. is expected to release its results after the close of trading today.