Everest Re, Aspen improve from losses of one year ago

As a result of lowered catastrophe activity this year, Bermuda underwriters are reporting better financial results thus far this year.

Everest Re Group Ltd. posted net income of $770.2 million for the first nine months of 2012, compared with a loss of $121.5 million during the same period of 2011, Hamilton, Bermuda-based Everest Re announced Wednesday.

Gross written premiums decreased by less than 1% to $3.16 billion for the first nine months of the year. Everest Re’s combined ratio for the period improved to 88.4% from 114.6% during the first nine months of 2011.

For the third quarter, net income increased 297.9% to $250.9 million. Gross written premiums rose 6.7% to $1.20 billion. The combined ratio for the quarter improved to 87.2% compared to 95.8% during the same period in 2011.

Meanwhile, Aspen Insurance Holdings Ltd. posted $278.4 million in net income for the first nine months of the year, compared with a $122.5 million net loss during the same period a year earlier, Hamilton, Bermuda-based Aspen reported Wednesday.

Aspen's gross written premiums for the first three quarters of 2012 grew 14.8% over those of the same period in 2011 to $2.01 billion. Aspen's combined ratio improved to 89.3% compared to 116.4% for the first three quarters of 2011.

For the third quarter of 2012, Aspen's net income increased 443.9% to $115.1 million. Gross written premiums rose 12.7% to $558.4 million. Aspen's combined ratio for the third quarter improved to 87.0% compared to 96.9% during the same period of 2011.

“We enter the final quarter of the year with positive momentum and a strong capital position as we continue to execute our diversified business strategy and to manage capital effectively,” said Aspen CEO Chris O'Kane in a statement announcing the results.