Everest
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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. -
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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