Everest
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The latest class of business entry forms part of the carrier’s ongoing international insurance expansion. -
Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The business is targeting expansion after receiving investment from Apiary Capital in July.
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The D&O market continues to soften, following several years of substantial rate increases.
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The carrier has made numerous hires across its marine team as part of an international insurance buildout.
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This year, casualty pro-rata rates overall moved about 1 point, Everest’s Jim Williamson added, noting other deals in H2 where the numbers moved more than that.
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The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior-year quarter.
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The marine build in London is part of the carrier’s primary insurance expansion strategy.
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In her new position, McDermott will report directly to Everest insurance CEO Mike Karmilowicz, effective immediately.
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The executive has over 20 years of specialty insurance experience and most recently served as Everest’s head of financial and professional lines.
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Downstream underwriters have been pushing for rate this year following high claims activity in 2022.
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This will be the second senior appointment for Everest in LatAm after the (re)insurer hired Chubb’s Jaime Chaves as CEO in Mexico as part of its global build-out.
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