Everest profit slips as Iran-related catastrophe losses riseEverest Group reported a lower second-quarter profit Wednesday, as catastrophe losses related to the Iran conflict and lower premium volume weighed on results despite continued underwriting profitability. Net income fell to $559 million, down 17.8% from the same period last year, and gross written premium decreased 19.4% to $3.77 billion. The combined ratio deteriorated to 92% from 90.4% a year earlier and pretax net catastrophe losses increased to $94 million from $20 million. The catastrophe losses were driven primarily by the war in Iran and several mid-sized weather events globally, executives said on a conference call with analysts Thursday. Lower gross premiums reflected deliberate underwriting actions, including reducing U.S. casualty exposure and cutting business that failed to meet return thresholds as the reinsurance market continues to soften, they said.