HAMILTON, Bermuda—Everest Re Group Ltd. on Thursday reported net income of $134 million for the first half of 2010, down 64% from the prior-year period, and also named a new CEO.

Contributing to the decline, the Hamilton, Bermuda-based reinsurer recorded second-quarter catastrophe losses totaling $69.7 million, which were primarily attributable to development on first quarter events, the company said in a statement.

Also, during the second quarter, the company recorded a $22 million loss related to the Deepwater Horizon oil rig explosion, the company said in a conference call with investors. Meanwhile, Everest Re raised its loss estimates for exposures related to the Chilean earthquake to $306 million net of tax, a spokesman said.

Everest Re’s net premiums earned for the first half of 2010 increased slightly to $1.91 billion. Investment income totaled $327.2 million, up 39% compared with the first half last year. The company posted a combined ratio of 93.2% vs. 87.5% last year.

In a statement, Chairman and CEO Joseph Taranto said he will retire as CEO at year-end. Mr. Taranto, who joined the firm in 1994, will continue to serve as chairman, the company said.

Ralph E. Jones, president and chief operating officer, will take over the role of CEO, the company said.

In a conference call with investors, Mr. Jones said he did not expect the company’s strategy to change.

“We will continue with the trend we have been defining over the last year, putting more of an emphasis on the direct specialty lines that present a margin, and where underwriting expertise matters, rather than focus on more of the commodity property/casualty MGA model,” Mr. Jones said.