Everest
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The company plans to grow exposure for June 1 and July 1 renewals.
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The firm booked $85mn of pre-tax cat losses, primarily driven by the Baltimore Bridge collapse.
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The expansive carrier has hired heads of marine for France and Spain.
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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.