NU Online News Service, Nov. 2, 3:55 p.m. EDT
Net income was down for two reinsurers reporting 2010 third-quarter results, while profit for a specialty lines insurance and treaty reinsurance company returned to the black.
Everest Re Group Ltd. of Hamilton, Bermuda, said its net income for the quarter was $174.2 million compared to $228.6 million during the same quarter a year ago.
Third-quarter net income was also down for Luxembourg's Flagstone Reinsurance Holdings--to $37.3 million from $67.1 million.
Meanwhile, Pembroke, Bermuda-based AXIS Capital Holdings Ltd. reported 2010 third-quarter net income of $239 million compared to a loss of $96 million during the same period in 2009.
AXIS said it experienced $85 million in pre-tax net losses from the New Zealand earthquake in September, but total underwriting income increased 79 percent compared with the 2009 third quarter, to $127 million.
Flagstone reported a material net loss of $52.5 million for the New Zealand earthquake, driving underwriting income down more than 91 percent to $4.1 million from $47.1 million a year ago in the reinsurance segment. The combined ratio in this segment was 97.6 during the third quarter compared to 73.5 a year ago.
Everest said it had nearly $90 million of catastrophe losses, primarily due to events in the third quarter.
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.
