A good start for Platinum

The business shown to Everest Re, one of the two early reporting companies, was more often rated less adequately than its renewing business. Joe Taranto, the company’s chief executive, said that the market was “into that normal part of the cycle where you have to work hard to get the proper margins”, but that it was doable

There were contrasting fortunes for the two Bermudian reinsurers who kicked off the first quarter reporting season this week. Platinum Underwriters celebrated a 44% improvement in pre-tax profits year-on-year while Everest Re suffered a 76% decline. Platinum’s result represented a 24.5% annualised pre-tax return on equity.