Everest
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The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities. -
The reinsurer beat analyst expectations, reporting operating income of $3.20 per share.
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The Bermuda carrier predicts full-year net profit of about $1bn, in line with forecasts.
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The executive will replace Stephan Knipper, who is retiring after a 33-year career.
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The executive will work closely with international CEO Vincent Vandendael in the new post.
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Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
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The issues lag the size of expiring ILS cover for both carriers.
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Part of the cost of the disaster will likely fall on a builder’s risk policy written by the two carriers.
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International CEO Vandendael predicts staff numbers in London and Dublin will rise by about a quarter in 2020.
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The £177mn of 2020 capacity includes paper for medical SPA 1892.
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The carrier has appointed four senior underwriters across the liability division.
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The move reflects parent Everest Re’s diversification drive into primary specialty insurance.
