Everest Re Group has extended the contract of its chief executive officer Joseph Taranto through the end of 2010.

Everest this week announced second-quarter profits of $272.6 million, up 78 percent on the same period in 2008.

Mr. Taranto, 60, became chairman and CEO of Everest Re in October 1994.

According to Forbes, his compenation from the company totalled $8.73 million in 2008.