Bermuda-based reinsurer Everest Re Group Ltd reported a first-quarter net loss of $315.9 million, as catastrophe claims took a heavy toll on the company.The loss, which broke down to $5.81 per share compared to a net loss of $22.7 million, or $0.38 per common share, for the first quarter of 2010.Everest’s operating loss of $5.95 per share was slightly worse than the $5.85 loss predicted by analysts surveyed by Bloomberg.Earthquakes in japan and New Zealnad and floods in Australia were the major drivers of the loss, with catastrophe losses totalling $530.9 million.Everest chairman and chief executive officer Joseph Taranto said: “The quarter was significantly impacted by the disasters in Japan, New Zealand, and Australia. Notwithstanding these events, we were pleased with the underlying performance of our business portfolio and investment results, which were strong for the quarter.“Looking ahead, we expect the market for property catastrophe reinsurance to change in response to the unusual level of loss activity the industry experienced in the first quarter.”The company is large enough to shoulder the losses. Shareholders’ equity at March 31 was $5.91 billion, down from $6.28 billion at the end of last year. Book value per share was $109.07 as of the end of March, compared to $115.45 at December 31 last year.Gross written premiums increased four percent to $1.1 billion, compared to the same period in 2010, with one percent of this increase attributable to the benefit of foreign currency movements.Worldwide, reinsurance premiums were up two percent to $810 million, but adjusting for the higher level of reinstatement premiums and the effects of foreign exchange rates in the quarter, these premiums were relatively flat.Insurance premiums increased 11.5 percent, quarter over quarter, primarily due to new business premium generated on the acquisition of crop insurer Heartland.The loss ratio was 123.6 percent for the quarter compared to 97.8 percent in the first quarter of 2010.Net investment income was $178.7 million, an increase of 11 percent compared to the comparable period in 2010. Adjusting for income on limited partnership investments, underlying investment income was down two percent, quarter over quarter.The company repurchased 428,038 of its common shares during the quarter at an average price of $87.87 for a total cost of $37.6 million. A further three million shares are still available under Everest’s current share repurchase authorisation.