Everest Re Group Reports Fourth Quarter and Full Year 2010 Earnings

Everest Re Group, Ltd. RE reported fourth quarter 2010 after-tax operating income, which excludes net realized capital gains and losses, of $257.8 million, or $4.70 per diluted common share, compared to after-tax operating income1 of $192.0 million, or $3.19 per diluted common share, in the fourth quarter of 2009. Net income, including net realized capital gains and losses, was $302.5 million, or $5.51 per diluted common share, for the fourth quarter of 2010, compared to $197.2 million, or $3.28 per diluted common share, for the same period last year. For the year ended December 31, 2010, after-tax operating income1 was $518.1 million, or $9.08 per diluted common share, compared to $763.7 million, or $12.51 per diluted common share, for 2009. Net income, including net realized capital gains and losses, was $610.8 million, or $10.70 per diluted common share, for the full year 2010, compared to $807.0 million, or $13.22 per diluted common share, for the same period in 2009. Commenting on the Company's results, Chairman and Chief Executive Officer, Joseph V. Taranto said, “Despite a challenging marketplace and a significant number of global catastrophe events in the year, we achieved an operating return on equity of 9% and grew book value per share by 12% in 2010.”