Island-based insurer and reinsurer Everest Re Group yesterday reported profits of $291.6 million for the first quarter of the year — up $119.9 million on the same period last year.

The profit for the first three months of 2017 breaks down to $7.07 per common share, compared to $4 for the same period in 2016.

Dominic Addesso, Everest’s chief executive officer, said: “We are starting out 2017 with a very strong quarter — providing a 13 per cent operating return on equity and a 77 per cent increase in net income earnings per share.

“We continue to see strong momentum across our underwriting operations, with opportunities in both reinsurance and insurance.

“This growth is not coming at the expense of margin as we hold fast to our underwriting principles, which are focused on sustained profitability regardless of the market cycle.

“This strategy, coupled with the returns we are achieving on our growing investment portfolio are providing for the strong results we saw in the quarter.”

Gross written premiums for the period amounted to $1.6 billion, an increase of 18 per cent year on year.

Worldwide reinsurance premiums rose 19 per cent to $1.2 billion, while direct insurance premiums went up 15 per cent to $434 million.

Net investment income for the period went up by 19 per cent for the quarter to $122.3 million.