While admitting that casualty insurance market price changes in the wake of a huge property loss like Katrina are difficult to predict, executives at Everest Re still went out on a limb to say that "across-the-board" hikes–not just limited to property–are likely in 2006.
Joe Taranto, chair and chief executive of Everest Re Group, and Steve Limauro, chief financial officer, repeatedly made that prediction this morning during an earnings conference call, as they reported a third-quarter net loss of $417.7 million, or $7.41 per share, for their company.
Everest's earnings were heavily impacted by $784.6 million of pretax catastrophe losses, including $652.7 million related to Hurricane Katrina, Mr. Limauro reported.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
