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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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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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The company reported no cat losses but saw a jump in attritional losses.
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CEO Brand said he expected to deliver double-digit growth, if “marginally” lower in 2026.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The fundraising structure for the deal includes a $600mn Convex debt raise.
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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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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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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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