Everest

The carrier has made numerous hires across its marine team as part of an international insurance buildout.

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.

The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior-year quarter.

The marine build in London is part of the carrier’s primary insurance expansion strategy.

In her new position, McDermott will report directly to Everest insurance CEO Mike Karmilowicz, effective immediately.

The executive has over 20 years of specialty insurance experience and most recently served as Everest’s head of financial and professional lines.

Downstream underwriters have been pushing for rate this year following high claims activity in 2022.

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.

The chief executive also remarked on the strong rating environment in the property cat (re)insurance markets.

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.

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.

The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.