Everest

Strong reinsurance results have absorbed long-tail reserve charges.

The carrier said it has acted prudently on 2016-19 GL loss trends.

The carrier booked a reserve charge of $392mn for casualty insurance.

Chuck Volker has been with Everest for more than 20 years, most recently serving as SVP, head of US property and specialty.

The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.

The business will bring together aviation, marine, cyber, engineering and parametric solutions.

Mark Wallace replaces Paul Tester, who has been appointed SVP, executive advisory director, international reinsurance.

The carrier is targeting the line of business as part of a wider strategic push in international insurance.

The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.

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.

The business is targeting expansion after receiving investment from Apiary Capital in July.

The D&O market continues to soften, following several years of substantial rate increases.