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AIG has agreed to pay Everest $10mn per month for nine months for transition services. -
The upgrade reflects consistent outperformance of “higher-rated peers”, S&P said.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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Jason Keen joined Everest in 2022 as head of international.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The carrier is consolidating its venture capital activity into asset manager MEAG.
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The move comes as Michael Creighton is made credit and political-risk director for Africa.
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Private capital providers are being signed down as two strong years have piqued interest.
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The London MGA is considering various options, including a minority investor.
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The appointments are aimed at offering a clearer team structure.
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The EUR100mn+ Ebitda firm is courting both PE and trade suitors.
