Everest posts profit on strong underwriting, reinsurance growth

(Reuters) – Everest Group Ltd. reported a third-quarter profit Wednesday, helped by strong growth in its reinsurance segment and overall gross written premiums.

Everest said gross written premium rose 23.4% to $4.4 billion in the quarter, while reinsurance posted record growth of 32.7% on a constant dollar basis.

“We continue to expand our global reinsurance portfolio at significantly improved risk-adjusted returns,” said CEO Juan Andrade in a statement.

The demand environment for the insurance sector remains strong against a weakening economy, with analysts expecting the companies, usually considered recession-proof, to stay resilient.

Operating income came in at $613 million, or $14.14 per share, for the three months ended Sept. 30, compared with a net operating loss of $205 million, or $5.28 per share, a year earlier.