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The Bermuda carrier brought a winding-up petition earlier in October. -
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The company reported no cat losses but saw a jump in attritional losses.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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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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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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Consolidated NWP reduction was driven by the reinsurance segment, partly attributable to two transactions in Q3 2024.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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