Everest Re Group has reported a loss in net income of $16.6m (£13.5m) in its Q1 results compared with $354.6m (£285.9m) in the same period last year.
In the three months ended 31 March, the insurance company reported after-tax operating of $164.4m (£132.4m) compared with $282.4m (£227.7m) in 2019.
Juan C. Andrade, president and CEO said: “Our thoughts and sympathies go out to all those directly affected by the coronavirus. We would like to offer our sincere gratitude and thanks to those on the front lines who are putting themselves at risk to keep everyone safe.
“Additionally, we’d like to share our tremendous appreciation to all of those who are working hard to keep the supply chains going.Everest continues to do its part by successfully operating remotely to serve all of our customers and stakeholders without interruption.”
He added: “Our diversified global platform with its broad mix of products, distribution and geography is an important source of stable capacity to our broker partners and customers.
“Our capital position remains a source of strength, with high quality invested assets, significant liquidity and low financial leverage. Our well-diversified investment portfolio is resilient, and we have taken additional steps to reposition it by moving up in credit quality and further reducing equity exposure.”
The news comes as Everest Re Group announced the promotion of Sharry Tibbitt to deputy chief underwriting officer for the reinsurance division.
In this new role, she will report to Chris Downey, chief underwriting officer for the reinsurance division. Together, they will work closely with leadership across the division to guide and manage the overall reinsurance portfolio, while developing profitable areas for growth and continued diversification.
Tibbitt has over 20 years of industry experience and has held numerous roles at Everest over the past nine years, including senior vice president of property and specialty and vice president of Treaty Underwriting.