Everest Re has reported a net third-quarter loss of $417.7m, compared with a profit of $11.5m for the third quarter of 2004.
The company blamed its loss mainly on pre-tax catastrophe losses of $784.6m, including $652.7m related to Hurricane Katrina. It recorded a combined ratio of 162.2% for the quarter, compared with 108.5% in the prior year period.
Premiums earned were down 15.8% for the quarter to $1.14bn, Everest Re reported.
For the first nine months of 2005 Everest Re posted a loss of $56.5m, compared with a 2004 profit of $401.5m during the same period. Premiums earned for the nine months were $3.06bn, down 4.4%.
