Everest
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She joins from CNA Hardy, where she spent over seven years.
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Slipstream will be available to marine, cargo and logistics UK clients.
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Jill Beggs has been named chief operating officer for reinsurance.
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Strong reinsurance results have absorbed long-tail reserve charges.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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The carrier booked a reserve charge of $392mn for casualty insurance.
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Chuck Volker has been with Everest for more than 20 years, most recently serving as SVP, head of US property and specialty.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
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Mark Wallace replaces Paul Tester, who has been appointed SVP, executive advisory director, international reinsurance.
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The carrier is targeting the line of business as part of a wider strategic push in international insurance.
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The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.
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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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The chief executive also remarked on the strong rating environment in the property cat (re)insurance markets.
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Everest’s reinsurance unit grew GWP nearly 27% to ~$2.8bn, driven by an increase of 34.7% in property pro-rata, 29.6% in property cat and 16.2% in casualty pro-rata.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
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The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.
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The executive will report to international segment co-heads Adam Clifford and Jason Keen.
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Laval brings with him over three decades of insurance experience, including as chief distribution officer for Europe, Asia and the Pacific at Axa XL.
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Maritzen joins Everest after less than six months as head of underwriting for Berkshire Hathaway’s property program business.
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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.
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The appointment comes as Everest continues to forge ahead with its international insurance growth strategy.
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It is understood that Everest acquired XL’s insurance license in Mexico from Axa, which already had one in the LatAm country when it acquired XL a few years ago.
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The carrier has launched into downstream energy, marine and aviation in the past year.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The Spanish branch is part of Everest’s strategic expansion into international insurance.
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The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.
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The carrier is expanding its A&H appetite in London as part of its international insurance growth strategy.
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With a four-decade-long career in global financial services, McNeilage also serves on the boards of the Reinsurance Group of America and Scholarship America.
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Sources said Miami-based Everest fac VP Sean Berry is set to move to London as head of international property.
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David Mann joins from Axa XL, where he spent a decade, most recently leading the London liability team.
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In an interview, the CEO also addressed the carrier’s international expansion and portfolio remediation.
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The executive described the hardening property cat market as a “tremendous opportunity” for the Bermudian.
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The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
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The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
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The carrier is pursuing a strategic expansion in primary insurance lines, and has also made several marine appointments.
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The French operation will be led by Anne Charon, and the German unit by Bernd Wiemann. The two were appointed country heads earlier this year.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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The pair will report to Artur Klinger and Paul Tester, respectively.
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The appointment comes following the departure of Renette Pretorius, who is joining Berkshire Hathaway Specialty Insurance.
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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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The executive is tasked with developing client relationships and pursuing growth in emerging economies.
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The carrier is launching into the downstream energy market as part of an international primary lines expansion.
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In his new position, the executive will focus on the firm’s expansion of its aviation insurance offerings.
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The appointment comes just four months after Everest entered the class, hiring Global Aerospace’s Paul Truman to run its aviation book.
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The carrier is launching into marine as part of a strategic buildout in primary insurance.
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CEO Juan Andrade said the carrier would be looking continually to expand and “bridge gaps”.
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South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.
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Everest Re has appointed TMK’s Ben Amphlett as its first head of aerospace while also hiring Jake Wagner, senior aviation underwriter at Allianz.
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In this newly created role, Joe Stuhl will lead the reinsurance organization’s global distribution strategy and address emerging needs.
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SVP and regional head of insurance in Asia Ben Carey will lead the operation.
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The carrier is planning to ramp up its involvement in the class as part of its primary lines buildout.
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He moves from Axis Capital and will succeed Jon Levenson.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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Anne Charon will lead Everest’s French operations, Bernd Wiemann will head up the German outfit, and José Ramón Morales is the new country manager for Spain.
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The sale process is in the early stages of marketing, and bids are expected later in May.
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He will replace the retiring Dennis Alba.
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The carrier is pursuing a strategic pivot towards insurance and a reduction in reinsurance growth.
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Plus this week’s Q1 results and all the top news of the week.
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The firm said the conflict gave rise to uncertainty but at this stage losses appeared manageable.
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The (re)insurer revealed it has “limited exposure” to the Ukraine-Russia conflict and did not make a loss provision due to the degree of uncertainty.
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Mango was a respected industry leader and played a key role in elevating the company’s culture of rigorous risk management.
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A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.
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The hire follows the appointment of Keith Mather to head up financial lines for the international business.
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This marks Everest’s second senior hire since its ambitious international insurance plan was revealed.
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Chris Van Gend joined the company from AGCS earlier this year to lead the buildout in the class.
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The reinsurer added $280mn in casualty pro rata premium in Q4, a 60% jump, while growing casualty XoL writings by 37%, or about $84mn in new premium.
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The exit of key Florida insurers could spur rate increases.
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Gross premiums leaped by 25%, to $3.43bn, from a 26% surge in reinsurance and 21% growth in insurance.
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Plus the latest on Floridian reinsurance reform and all the week’s top news.
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The hires come as Everest continues its pivot towards primary business.
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The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
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The company has also named Rui Marliere as head of its Latin America and Caribbean business.
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The appointment follows the departure of Mike Hoffmann after a just over a year.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
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The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week, and promoted Peter Bell to be its new CEO in Bermuda in July.
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The CEO also detailed the carrier’s efforts to capitalise on surging primary casualty rates through proportional treaty business.
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The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.
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Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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Diaz joined the company in 1991, where he took on various leadership roles to promote the company’s expansion internationally.
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Guy Carpenter’s US facultative leader steps down after just eight months.
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Everest Re recently outlined plans to lift gross premium by 10%-15% annually from 2021 to 2023.
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Andrew McBride has also served as director of claims at QBE’s European operations and held various overseas roles managing claims at Aon and Axa.
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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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A reinsurance panel at Reconnect also called for reform of risk models
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Modin will succeed David Whiting, who is retiring after a 45-year career in the reinsurance industry.
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Staff displacement in the D&O market is high following a tumultuous period of rating adjustment in 2020.
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The underwriter joined Everest at the beginning of last year following Barbican’s acquisition by Arch.
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He suggested that the company might be willing to allow higher commissions.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.
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CEO Juan Andrade laid out the new targets in an investor day presentation in which he said the carrier will become a “digital first” (re)insurer.
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The case is the latest US suit regarding whether physical damage is required to trigger BI payouts.
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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.
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The executive was previously active underwriter for Everest Syndicate 2786.
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The carrier will use the proceeds of the offering for general corporate purposes.
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The executive had held the role at the syndicate since 2016, when he joined Everest.
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The new hires join as CFO and COO under recently arrived CEO Juan Andrade.
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No one business is likely to make a significant impact unless it has $7bn of capital or more, the Everest Re CEO said.
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The MGA, which writes on paper from Accident Fund Insurance Company of America, uses AI in its underwriting process.
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“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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The figure brings the reinsurer’s pandemic loss total to $310mn.
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The spectre of wholesale trapping of capital ahead of 1 January is further dislocating the market.
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The Everest Global Markets CEO said that AI was an “enabler” rather than a replacement for people.
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Sujal Patel previously worked at AIG for nearly five years and prior to that was at Hyperion.
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Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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The executive says carriers have not underwritten or priced for statutory developments.
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Sharry Tibbitt moves into the role from her current post as vice president of treaty underwriting.
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Yashar Jafari has joined the carrier in New York City as leader of its alternative solutions group.
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Ascot has been rapidly expanding in both the US and Bermuda markets over the past year.
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Group CEO Juan Andrade will assume oversight of the expanding insurance arm.
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The (re)insurance group expects to report a combined ratio below 100 percent and investment income of $148mn.
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Alex Poracchia was previously a partner at Deloitte UK.
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She will report to Everest Insurance president and CEO Jonathan Zaffino and Everest group CFO Craig Howie.
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The S&P 500 insurance industry index rose by 2.8 percent as lawmakers neared a vote on a coronavirus economic relief package.
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He will take over from Sanjoy Mukherjee, Everest Re’s general counsel and corporate secretary, who has run the Bermuda operation since 2016.
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The recruitment drive comes as excess casualty rates soar in response to the social inflation crisis sweeping the US.
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Ralph Van Helden will leave the Corporation after almost 10 years.
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The company said it had “dusted off” its pillared Purple product.
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The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities.
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