Everest

He will spearhead the division’s launch slated for 2026, which will be the first product launch for ICW Group’s specialty unit.

Reinsurer executives stressed that the industry worked hard on setting the right structure.

The affirmations reflect Everest’s strong underwriting diversification.

Plus, the latest people moves and all the top news of the week.

Sources said that the carrier has held preliminary talks with private debt investors.

The executive most recently served as head of North American treaty reinsurance.

The insurer has substantially expanded its marine team in recent years.

Cat portfolios generally grew, but casualty approaches varied.

Joanne Barry and Robert Fox also left the business earlier this year.

Everest booked $98mn of aviation losses related to the war, which contributed 2.5 points to the consolidated CoR.

Jill Beggs was most recently COO for reinsurance.

Jim Williamson said litigation funding had evolved into an investment class.

The carrier has scaled up its international insurance offering in recent years.

Joanne Barry will be joining the team at Zurich.

The remediation process is on track for completion in the fourth quarter.

The quarter’s performance was also affected by the Washington, DC aviation disaster.

London-based US excess casualty writers are increasingly looking to attach lower in the tower.

The executive was named group CEO in January.

The executive, Everest CEO from 1994 to 2013, has served as board chair since 1994.

John Howard was appointed as an independent, non-executive member.

Deteriorating CoRs, GWP growth and fears over wildfire impacts were common themes.

At 1 January renewals, prices dropped 5%-15% for loss-free programmes.

The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.

CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.

The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.

He was appointed acting CEO earlier this month, after Andrade’s departure.

Carlos Becerra will succeed Delgado as Miami-based LatAm fac head.

The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.

He succeeds Wayne Peacock, who retires this year after four years of service.

Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.

Alex Haines also previously held roles at WTW and Mapfre.

Everest is in the process of transforming its ILS offering.

Everest Group’s regulatory filing did not give a reason for the resignation.

She steps in to replace Phil Taylor, who left the company in September.

The carrier is launching its own managing agency as part of its ongoing international expansion.

Andrade flagged expected 5% to 10% increases in the US and Europe.

Most of the $279mn in cat losses came from the reinsurance segment.

The Jan De Nul-owned Zheng He was seized by Mexican authorities in November last year.

This publication revealed last year that Ocampo will lead the Colombia unit.

The carrier launched into the political violence market at the beginning of the year.

Anthony Izzo has been appointed chief broking officer to lead the team.

Everest Re bucked a more general trend to keep cat exposure stable.

In November, the company said it aimed to reach the goals between 2024-2026.

Total pre-tax cat losses for the quarter grew sixfold YoY to $135mn.

The insurer also hired ex-Chubb SVP Lope Garcia as chief claims officer

The executive joined in January after a decade at Liberty Mutual.

A round-up of all the news you need today, including the departure of the heads of FL and PI at Westfield.

The company plans to grow exposure for June 1 and July 1 renewals.

The firm booked $85mn of pre-tax cat losses, primarily driven by the Baltimore Bridge collapse.

The expansive carrier has hired heads of marine for France and Spain.

The current COO joined the carrier in 2020.

She joins from CNA Hardy, where she spent over seven years.

Slipstream will be available to marine, cargo and logistics UK clients.

Jill Beggs has been named chief operating officer for reinsurance.

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.

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.

The executive will report to international segment co-heads Adam Clifford and Jason Keen.

Laval brings with him over three decades of insurance experience, including as chief distribution officer for Europe, Asia and the Pacific at Axa XL.

Maritzen joins Everest after less than six months as head of underwriting for Berkshire Hathaway’s property program business.

Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.

Early private deals have provided far more stability in this year’s renewal than last.

The company reiterated that net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.

The move follows a rebrand completed in November 2022.

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.

The carrier has also hired Paul Cunningham from Talbot to lead the claims function of its newly launched marine team.

Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.

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.

The carrier has made significant investments towards launching in numerous primary specialty classes in London.

The decision was motivated by some overlap in business transacted between the US and London operations.

The appointment comes as Everest continues to forge ahead with its international insurance growth strategy.

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.

The carrier has launched into downstream energy, marine and aviation in the past year.

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.