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Executive chair Neil Eckert will step in as interim CEO. -
The shares will be purchased via the open market or private third-party transactions.
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Reinsurers fended off 20% cuts, but wildfires pleas failed to hold pricing flat.
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Reported income for the year rose 24% to $1.98bn.
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The executive has managed both casualty and personal lines reinsurance books.
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The executive, Everest CEO from 1994 to 2013, has served as board chair since 1994.
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Sources said Insurance Advisory Partners is advising the fac MGA on the strategic process.
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The rating allows IQUW to access $1bn in group capital.
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The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season.
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Reinsurance made up 12% of the syndicate’s 2024 GWP.
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Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The syndicate expects to book a combined loss of £39mn from hurricanes Helene and Milton.
