Asia Pacific
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APAC now represents roughly 15% of all Lloyd’s premium. -
AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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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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The buy-in can be seen as a “flip” bet on a rebound in appetite for carrier M&A.
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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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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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The recruits will join from Nephila, Aon and Malaysian Re.
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The underwriter has worked for Markel in Singapore since 2020.
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The transaction marks the largest US market entry by a Korean non-life insurer.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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The major storm is set to move on to mainland China later in the week.
