Better financial results for Bermuda reinsurers

Everest Re Group Ltd. recently reported a net income of US$634.5 million for the third quarter of 2006, a distinct improvement from the net loss of US$56.5 million reported for the same period in 2005. These results indicate a trend toward higher net income in financial results for a number of other Bermuda-based reinsurers.PartnerRe Ltd. also reported its net income increased from US$17.4 million in the Q3 of 2005 to US$506.6 million in the Q3 of 2006. In addition, Platinum Underwriters Holdings Ltd. also saw a higher income of US$243.7 million for the Q3 of 2006, as opposed to less than US$35 million for the same period last year.