Bermuda’s Everest Re Group has reported third-quarter profit of $234.8 million or $4.81 per share, down from $250.9 million or $4.82 per share last year.

After-tax operating income, excluding realised capital gains and losses, was $205.0 million or $4.20 per share, compared to $210.6 million or $4.05 per share last year.

That substantially missed analyst estimates. Analysts polled by Thomson Reuters estimated earnings of $4.76 per share for the quarter.

Total revenues for the quarter grew to $1.40 billion from $1.22 billion last year.

Premiums earned rose to $1.23 billion from $1.01 billion last year.

Everest Re’s results were adversely affected by an increase in annualised effective tax rate.

Commenting on the Company’s results, chairman and CEO Joseph V. Taranto said, “Through the first nine months we had $895 million of net income for a 19 percent return on equity and grew premium by 24 percent.

“Over the last several years we have strategically focused on expanding our global footprint and improving our risk adjusted returns. I want to thank our staff, which I believe is the best in the business, for their terrific work that helped us achieve these goals.”

Gross written premiums were $1.5 billion, an increase of 22 percent year over year.

Net investment income decreased 15.9 percent year over year to $127.9 million.

Total claims and expenses were up 21.2 percent year over year to $1.09 billion, primarily due to higher incurred losses and loss adjustment expenses, underwriting and interest expenses and commission brokerage.

The combined ratio in the quarter deteriorated 80 basis points year over year to 88 percent.

During the reported quarter, Everest Re suffered cat loss of $75.0 million because of German hailstorms and flood events in Canada.

The company’s Reinsurance segment reported net premium written of $1.07 billion, up 23.5 percent year over year.