Everest
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Jaymin Patel joined Berkley Specialty London in 2021 as senior engineering underwriter. -
The underwriter will fill a newly created role at AIG.
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Habayeb will start next May following Kociancic's retirement.
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The appointment follows Everest’s $2bn renewal rights sale of its commercial retail business to AIG.
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Insight into the state of the insurance M&A market, powered by Insurance Insider’s comprehensive deal database.
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Plus, the latest people moves and all the top news of the week.
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Everest’s AIG deal meaningfully cuts its primary exposure.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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Jason Keen joined Everest in 2022 as head of international.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The protection covers the US insurance book for the 2024 and prior accident years.
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He will spearhead the division’s launch slated for 2026, which will be the first product launch for ICW Group’s specialty unit.
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Reinsurer executives stressed that the industry worked hard on setting the right structure.
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The affirmations reflect Everest’s strong underwriting diversification.
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Plus, the latest people moves and all the top news of the week.
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Sources said that the carrier has held preliminary talks with private debt investors.
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The executive most recently served as head of North American treaty reinsurance.
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The insurer has substantially expanded its marine team in recent years.
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Cat portfolios generally grew, but casualty approaches varied.
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Joanne Barry and Robert Fox also left the business earlier this year.
