Everest
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Jill Beggs has been named chief operating officer for reinsurance.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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Insurance Insider US runs you through the earnings results for the day.
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Chuck Volker has been with Everest for more than 20 years, most recently serving as SVP, head of US property and specialty.
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Bill Hazelton replaces David Sandler, who is leaving Everest after six years.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The executive will be responsible for all aspects of Everest’s retail, middle market and builder’s risk businesses.
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Everest is targeting a combined ratio of 89%-91% for 2024-2026, compared to the 91%-93% target range from its previous investor day event in 2021.
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This year, casualty pro-rata rates overall moved about 1 point, Everest’s Jim Williamson added, noting other deals in H2 where the numbers moved more than that.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior year quarter.
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Everest North America insurance president Mike Mulray will head up the business on an interim basis while the carrier appoints a permanent unit leader.
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In her new position, McDermott will report directly to Everest insurance CEO Mike Karmilowicz, effective immediately.
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The executive has over 20 years of specialty insurance experience and most recently served as Everest’s head of financial and professional lines.
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A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.
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Differences in reinsurer strategies and risk management lead to differentiation in stock multiples and long-term value creation.
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This will be the second senior appointment for Everest in LatAm after the (re)insurer hired Chubb’s Jaime Chaves as CEO in Mexico as part of its global build-out.
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The chief executive also remarked on the strong rating environment in the property cat (re)insurance markets.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s news team runs you through the key highlights of the week.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.