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News - Everest $218m into red in 2005.
(From Reinsurance)
A 12.3% drop in net premiums, combined with massive fourth-quarter hurricane losses, have forced Bermudian (re)insurer Everest Re to report a combined ratio of 120% and a 3.1% fall in shareholders' funds for 2005.
Everest reported fourth-quarter 2005 after-tax operating losses of $185.8m, down from a $94.7m profit last year.
The company blamed increased loss estimates for hurricanes Katrina, Rita and Wilma, which resulted in $422m of after-tax losses in total in the quarter.
Everest reported a fourth-quarter net loss of $162.2m in 2005, compared to net income of $93.3m or ...
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