Reinsurer Everest's quarterly profit falls on higher catastrophe losses

Reinsurers provide coverage to insurers, allowing them to share risk and limit losses from large catastrophe and specialty claims.

The company, which is sharpening its focus on core reinsurance business, is a global provider of property, casualty and specialty reinsurance and insurance, with operations spanning more than 100 countries across six continents.

• Net investment income fell to $523 million from $532 million a year earlier, driven by lower alternative investment returns.
• In the quarter, gross written premium for the group fell 19.4% year-over-year to $3.77 billion.
• The combined ratio for the group was 92%, compared with 90.4% a year earlier. A ratio below 100% indicates the insurer earned more from premiums than it paid out in claims.
• Net income was $559 million, or $14.22 per share, during the three months ended June 30, compared with $680 million, or $16.10 per share, a year earlier.
• The company repurchased shares worth $395 million during the quarter.