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Both the primary and reinsurance segments benefitted from a light cat year. -
While attritional losses were up for the quarter, those in the carrier’s core business declined.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The business has not initiated a sale process, with the wheels not yet actively turning on an exit for Apiary.
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The company reported no cat losses but saw a jump in attritional losses.
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The insurer continues to exit or reduce unprofitable lines and slowed growth as a result.
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CEO Brand said he expected to deliver double-digit growth, if “marginally” lower in 2026.
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The broker will join Ron Borys’ financial lines team.
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Everest’s AIG deal meaningfully cuts its primary exposure.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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In insurance, premium growth came from all lines of business except cyber.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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This publication revealed that Starr was zeroing in on the deal earlier today.
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The parties could announce the transaction soon, according to sources.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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The property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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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.
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The MGU’s second syndicate launch was delayed from January 2025.
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Jason Keen joined Everest in 2022 as head of international.
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Consolidated NWP reduction was driven by the reinsurance segment, partly attributable to two transactions in Q3 2024.
