Everest Re Group Ltd. reported a net loss of more than $20 million for the first quarter of 2010, largely as a result of losses from the Chilean earthquake and European windstorm Xynthia.

The reinsurer's net loss of $22.7 million for the first quarter compared to a profit of $108.6 million for the same period in 2009.

The company's after-tax operating loss, which excludes realised capital gains and losses, was $73.8 million, or $1.25 per share, for the first quarter 2010, versus an after-tax operating income of $106.1 million, or $1.72 per share, for the same time last year.

Despite the company's announced loss estimates for the Chilean earthquake and windstorm Xynthia, additional catastrophe losses in the quarter, specifically the Australian storms in Melbourne and Perth, further contributed to these losses.

Overall, catastrophe losses, net of reinstatement premiums and taxes, were $275.6 million, or $4.66 per share, during the quarter.

Everest Re's chairman and CEO Joseph Taranto said: "As an industry, we experienced record catastrophe losses in the first quarter compared to the same period in any other year. While this had a significant impact on the quarterly results, our return to shareholders, including dividends paid, was slightly positive, attesting to the overall strength of our organisation."

Gross written premiums increased two percent to $1 billion compared to the same period in 2009, but eliminating the effects of foreign exchange, the figures were roughly flat to last year.

Globally, reinsurance premiums were about even with 2009, but adjusting for foreign currency movements and reinstatement premiums for the Chile earthquake, reinsurance premiums were down five percent. Lower premium from US casualty, crop reinsurance, marine, and European business offset the continued strong growth in US property, South America and Asia-Pacific markets. Insurance premiums, which are entirely derived from the US markets, however, were up 11 percent as specialty markets continued to provide growth opportunities.

The combined ratio was 124.9 percent for the quarter compared to 89.3 percent in the first quarter of 2009.

Net investment income was $161.5 million, up significantly when compared to last year's net investment income of $68.8 million. The company's first quarter of 2009 had been impacted by large losses on limited partnership investments compared to income from these same investments in the current quarter. Adjusting for limited partnerships, underlying investment income increased three percent quarter-over-quarter.

Everest Re's cash flow from operations was $271.3 million versus cash flows of $180.5 million in the same quarter last year, while the company repurchased 562,306 of its common shares during the quarter at an average price of $83.64 for a total cost of $47 million.

Meanwhile shareholders' equity at March 31, 2010, was $6.04 billion, down from the $6.1 billion at December 31, 2009. Adjusting for share repurchases and dividend payments in the quarter, shareholders' equity was flat compared to year end 2009.

Book value per share was $102.46 as of March 31, 2010 compared to $102.87 at December 31, 2009.