Everest
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Maritzen joins Everest after less than six months as head of underwriting for Berkshire Hathaway’s property program business. -
Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.
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Early private deals have provided far more stability in this year’s renewal than last.
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The company reiterated that net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.
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The move follows a rebrand completed in November 2022.
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The raise is a bullish signal from Everest on the returns available in the market but could be taken by some as another harbinger of easing market momentum.
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Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
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The carrier has also hired Paul Cunningham from Talbot to lead the claims function of its newly launched marine team.
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Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.
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Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.
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The carrier has made significant investments towards launching in numerous primary specialty classes in London.
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The decision was motivated by some overlap in business transacted between the US and London operations.
