Bermuda-based Everest Re Group Ltd. on Monday lowered its fourth-quarter outlook based on its current determination that tax benefits available to it in the fourth quarter would be less than originally expected.

The company now expects fourth quarter net income of $1.65 per share. That is down from a forecast earlier this month when its anticipated $2 per share.

The company continues to expect shareholders' equity to increase by approximately $175 million in the quarter, with year-end shareholders' equity in excess of $3.7 billion.

Analysts surveyed by Thomson First Call predict earnings of $2.12 per share. Last year the company posted fourth-quarter earnings per share of $2.09.

The company expects to release its fourth quarter and year end earnings after close of trading on January 31. A conference call will follow on February 1.