"Our results excluding hurricanes?combined with still-solid and very-possibly stabilizing market conditions?indicate that the outlook for the remainder of 2004 and 2005 remains quite positive," Mr. Limauro told conference-call participants.

For the quarter, Everest Re saw its gross premiums written fall slightly, to $1.22 billion?a 1.8 percent drop from $1.24 billion posted one year ago?while net premiums written came in at $1.18 billion, down 0.3 percent compared to the same period last year.

Everest Re's combined ratio rose to 108.5, up from 95 recorded during the same period one year ago. On the other hand, net investment income for the third quarter improved to $123.8 million, up from $100.4 million one year ago.

Everest Re, a property-casualty reinsurer marketing to United States and international insurers, specializes in several areas, which include marine, aviation and surety, as well as medical malpractice, directors-and-officers liability, and professional errors and omissions liability. For the full-year 2003, the company reported $426 million in net income, up 84.2 percent from $231.3 million reported during 2002.