Everest Re Group Ltd’s net income held up well during the second quarter despite the spate of catastrophes that occurred over that period.The re/insurer recorded profits of $131.3 million compared to $156.7 million in 2010.The company’s after-tax operating income, excluding net realised capital gains and losses, was $134 million or $2.46 per share versus $184.8 million or $3.18 per share in the second quarter of 2010.For the six months ended June 30, 2011, the after-tax operating loss was $189.6 million or $3.49 per share compared to $111 million or $1.89 per share for the first six months of last year. Including net realised capital gains and losses, the net loss was $184.6 million or $3.40 per share for the first six months of 2011 versus $134 million or $2.28 per share for the same period in 2010.Everest Re chairman and CEO Joseph Taranto said: “While volatility persisted into the second quarter with further catastrophe loss events, our business franchise and capital position remains strong. We continue to be disciplined in our approach to risk and pricing and we are pleased with the underwriting portfolio we have constructed through the recent renewal cycles.“While premium has come down modestly, overall we are achieving higher risk-adjusted returns on our business.”