Everest Re Group posted third-quarter profit of $205.6 million, despite incurring catastrophe losses of $240 million.

The major loss events during the quarter for the Bermudian-based reinsurer were Hurricane Florence, Typhoon Jebi, Typhoon Trami, California wildfires and floods in Japan.

After-tax operating income of $167.5 million, or $4.09 per share, surpassed the $3.23 consensus forecast of analysts tracked by Yahoo Finance.

In the third quarter of last year, Everest suffered a net of $639.4 million.

Dominic Addesso, Everest’s chief executive officer, said: “Everest generated an annualised net income return on equity for the quarter of 10 per cent, despite the previously announced catastrophe losses.

“The underlying results were quite strong with an attritional combined ratio of 85.8 per cent year to date as a result of our diversified portfolio.”

Everest’s gross written premiums for the quarter were up 8 per cent over the third quarter of 2017 to $2.2 billion. Worldwide reinsurance premiums were up 7 per cent to $1.7 billion, with growth across each segment primarily driven by increased casualty and property pro-rata premium, rate improvement, increased shares on existing business and profitable new opportunities. Direct insurance premiums were up 8 per cent to $517.3 million.

The combined ratio was 100 per cent for the quarter compared to 163.6 per cent in the third quarter of 2017.

Excluding catastrophe losses, reinstatement premiums and the favourable prior period loss development, the current quarter attritional combined ratio was 86.8 per cent compared to 85.5 per cent in the same period last year.

Net investment income increased 18 per cent for the quarter to $161.4 million. Net after-tax realised gains amounted to $43.6 million and net after-tax unrealised capital losses were $20.9 million, for the quarter.

During the third quarter, Everest bought 229,432 of its own shares at a total cost of $50 million. Under the company’s share repurchase authorisation, another 1.4 million shares are available.

Shareholders’ equity ended the quarter at $8.3 billion compared to $8.4 billion at year end 2017. Book value per share was down from $204.95 at December 31, 2017 to $204.91 at September 30, 2018.