Bermuda-based Everest Group, a reinsurance and insurance underwriter, reported $1.0 billion of net income in the first half of 2023, up from $420 million in the first half of 2022.

Gross written premiums were up 19.4 per cent, to $7.92 billion.

The company said that its second quarter, $627 million operating profit was a record. Net investment income in the second quarter was $357 million, from $226 million in the year-earlier period.

Pre-tax net catastrophe losses totalled $137 million in the first half, against $200 million in the first half of 2023. It had no Russia or Ukraine losses in the first half. In the first half of 2022, it lost $45 million in Russia or Ukraine.

Total revenue increased to $6.9 billion in the first half, compared with $5.7 million in the same period a year earlier. Claims and expenses went from $5.3 billion to $5.8 billion.

“Everest’s second quarter performance was outstanding as we leaned into the hard reinsurance market.

“We continued to grow premiums, while expanding margins, resulting in strong increases in quarterly underwriting profits, net income and record operating income.

“We delivered an operating ROE of 21.8 per cent and a record annualised total shareholder return in excess of 25 per cent,” said Juan C. Andrade, Everest president and chief executive officer.

“Our lead market position in reinsurance, combined with best-in-class execution and dynamic capital deployment, enabled us to take advantage of favourable market conditions and drive significantly higher risk adjusted returns.

“We also continued to advance our diversified and disciplined global primary insurance franchise, which is benefiting from firming rates.

“In addition to the excellent underwriting profit in the quarter, we generated nearly $360 million in net investment income with our well positioned portfolio.

“Our exceptional talent, diversified platform and underwriting discipline give us significant firepower to continue delivering on our objectives and capitalising on abundant market opportunities, which are expected to continue well into 2024,” he added.

In May, the New York Stock Exchange-listed company raised almost $1.5 billion in a public offering,