Everest Re Earnings Rise

Bermuda-based reinsurer Everest Re Group(RE Quote) reported a net income of $245.7 million, or $3.76 a share, compared with a net loss of $417.7 million, or $7.41 a share, a year ago. Operating income, which excludes net realized investment gains and losses, was $240.2 million, or $3.68 a share, compared with a loss of $438.9 million, or $7.79 a share, a year ago.

Analysts polled by Thomson First Call were expecting earnings of $3.38 a share for the quarter.

After the massive storms in 2004 and 2005, reinsurers had increased the price of some coverage. Now that the North Atlantic hurricane season has passed with a few big storms, they get to keep most of the higher premiums collected, the company said ...