Bermuda-based P&C insurer Everest Re Group has reported net income of $131.3m or $2.41 per diluted common share, compared to $156.7m, or $2.70 per diluted common share, for the same period last year.

The total revenues were $1.18bn for the second quarter of 2011, compared to $1.10bn for the same quarter of the previous year.

Net premiums earned for the second quarter of 2011 were $1.04bn, compared to $0.99bn in the second quarter of 2010.

Gross written premiums decreased 2.5% to $987.9 m for the second quarter of 2011, compared to the same period in 2010.

Total pre-tax catastrophe losses, net of reinstatement premiums for the second quarter of 2011 were $113m, compared to $64.6m in the second quarter of 2010.

Everest Re Group chairman and CEO Joseph Taranto said while volatility persisted into the second quarter with further catastrophe loss events, the 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," Taranto said.