Everest Re’s book value rises

Everest Re said it expects Q3 after-tax operating income to range between $2.55 (£1.59) and $2.75 per diluted common share with net income between $2.95 and $3.20 per share.

It said it had been hit by approximately $75m of catastrophe losses, net of reinstatement premiums and taxes, including the New Zealand earthquake and the hailstorm in Calgary.

It also suffered lower net investment, due to lower equity market valuations. But with share repurchases of $99.7m it said it expects book value per share to increase approximately 6% in the quarter.