Everest
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Everest Insurance appoints Mike Karmilowicz president of specialty underwriters and Dave Sandler as president of risk management.
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Validus, Nephila and Everest lead reinsurers providing Irma payouts to Citizens. -
Raphael DaCosta, Melissa Bell and Jenna Belous will join the Bermuda-based reinsurer.
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Don Mango will join as the insurer’s head of actuarial pricing and modelling.
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First-half data shows an improved combined ratio failed to prevent underwriting results erosion.
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The Insider 50 contracted by 1.0 percent last week, as 35 companies in the index posted negative share price movements.
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Everest Re sidecar Mt Logan Re has reached $1.1bn of assets under management.
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Rising costs emanating from Florida have already hit Everest Re.
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The carrier’s underlying profitability gained while revenue surged in the quarter.
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The Insider 50 rose marginally last week as the second quarter earnings season started.
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The reinsurer cited loss creep from last year’s Hurricanes Harvey, Irma and Maria as well as fresh cat losses.
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While reinsurers are benefiting from low cats, pricing fundamentals remain weak.
