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Everest Re Bermuda head of casualty Binetti departs

Everest logo everest re office bermuda.jpg

Everest Re Bermuda’s head of casualty Mario Binetti has left the reinsurer, this publication can reveal.

Binetti joined Everest in 2010, before being named the head of casualty for its Bermuda operations in 2017.

The underwriter is not believed to have determined his next move to date.

He previously served as chief actuary for JRG Re, the reinsurance arm of specialty insurer James River. Before that, he spent a combined 11 years at QBE Re and XL Capital.

The move also comes at a time when Everest has made myriad changes to its reinsurance operation. Last week, the company lured Munich Re executive Jill Beggs to head up its reinsurance team in North America, in addition to moving the head of specialty casualty in its insurance division, Connie Germano, to a senior casualty treaty underwriting role.

Germano’s appointment was billed by the reinsurer as a replacement for Dennis Alba, who is retiring from the company after a 40-year career.

Binetti’s exit follows the reinsurer promoting Peter Bell to be its new CEO in Bermuda in July. It also comes in the run-up to the busiest renewal season of the year.

Everest has grown its casualty business – in both insurance and reinsurance – significantly in recent quarters. Last week, the reinsurer said it grew its casualty pro rata reinsurance book by 64% in Q3 to $552mn, and expanded writings for casualty excess of loss by 26% to $364mn of GWP.

In insurance, specialty casualty picked up by 40%, to $329mn. In the second quarter, Everest added $218mn in premium to its casualty pro rata book.

In January, Everest disclosed a $400mn reserve charge with its fourth-quarter earnings from last year, which mostly came from its casualty reinsurance portfolio.

In May, Everest’s reinsurance chief John Doucette stepped down from his role to be replaced by group COO Jim Williamson.

A spokesperson for Everest could not be reached for comment.

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