Everest Re
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The executive’s responsibilities will be taken on by chief operating officer Jim Williamson.
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Maria Grace had been with Everest since 2016, and was previously an executive within AIG’s Lexington unit.
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Rates for Japanese wind treaties increased between 5% and 10% at the April renewal, while quake pricing was up 5%.
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Premiums grew by 14%, led by 16% growth in reinsurance and a 14% expansion in insurance.
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The CEO said the company will become more balanced and diversified under his watch.
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Sources say he is succeeded in the role by Everest’s current deputy head of cyber Ayesha West.
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The (re)insurer had previously disclosed the $400mn reserve charge, largely connected to casualty reinsurance business from accident years 2015 to 2018.
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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Gross written premiums grew 16% in Q3 across both insurance and reinsurance segments.
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The carrier expects “significant” operating income and “positive” net operating income for Q3.
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500.
