Bermuda-based Everest Re Group boosted its profits marginally by just under one million, despite reporting losses of almost $24 million due to the floods in England and Hurricane Dean, it revealed in its third quarter results yesterday.

The company reported third quarter net income, including net realised capital gains and losses, of $246.6 million, up from $245.7 million in the third quarter last year.

Meanwhile net income per share increased four percent to $3.90 from $3.76 in the year-ago period.

After-tax operating income, excluding realised capital gains and losses, was $232.5 million, lower than $240.2 million in the third quarter last year. After-tax operating income per share was $3.68, flat with last year.

Everest Re chairman and CEO, Joseph Taranto said: "We continue to pursue underwriting and investment discipline.

"And we remain focused on building shareholder value. This is exemplified by growth in book value per share of 14 percent in just the first nine months of the year driven by our strong earnings and focused capital management strategies."

Total revenues for the period were $1.2 billion, higher than $1.11 billion in the same quarter last year.

Everest said catastrophe losses were $23.9 million (net of reinstatement premiums) for the quarter, adding three points to the combined ratio. The July storm and flooding in England, the earthquake in Peru, and Hurricane Dean, which impacted parts of the Caribbean and Mexico, accounted for the largest portion of these losses.

The company's combined ratio in the third quarter was 86.6 percent compared to 83.1 percent in the same period last year.

Shareholders' equity grew from $5.1 billion to $5.6 billion in the first nine months of 2007, after share repurchases of $240 million and a doubling of the common dividend.

Book value per share was $89.33 as of September 30, up 14 percent from $78.53 as of year end 2006.