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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge. -
The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The appointments are aimed at offering a clearer team structure.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Brian Church has spent 20 years at Chubb.
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In July, he took the role on interim basis from Laure Forgeron.
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West Hill Capital is the main investor in the capital raise.
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She previously served as Hub’s North American casualty practice leader.
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Tom Potter was global casualty underwriting manager for UK & Lloyd’s at Axa XL.
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