Everest
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The executive had held the role at the syndicate since 2016, when he joined Everest. -
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.
