Everest
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The company plans to grow exposure for June 1 and July 1 renewals.
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The Insurance Insider US news team runs you through the earnings results for the day.
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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.
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Inside P&C’s news team runs you through the key highlights of the week.
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Reinsurers have mostly grown since before the Covid crisis, but the type and timing of growth affects value creation,
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Interim CEO Luke Lichty will become head of commercial and specialty insurance for Canada.
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Gallagher has over 25 years of insurance experience and joins Everest Re from AIG.
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Recent top line growth and improved performance will need to be weighed against historical underperformance at group level, but the opportunity could attract a non-traditional buyer.
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Everest Insurance has appointed Glen Browne as head of international corporate strategy.
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Maritzen joins Everest after less than six months as head of underwriting for Berkshire Hathaway’s property program business.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.
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Early private deals have provided far more stability in this year’s renewal than last.
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Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.
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The company reiterated that net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.
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Inside P&C’s news team runs you through the key highlights of the week.
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The move follows a rebrand completed in November 2022.
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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 raise is a bullish signal from Everest on the returns available in the market but could be taken by some as another harbinger of easing market momentum.
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Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
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Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.
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Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.
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In his new role, Mulray will lead all aspects of North America, the Insurance division’s largest portfolio, and report to Everest Insurance president and CEO Mike Karmilowicz.
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Based in Mexico City, Chaves will report to Everest insurance Latin America regional president Pablo Korze, who is based in Chile.
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It is understood that Everest acquired XL’s insurance license in Mexico from Axa, which already had one in the LatAm country when it acquired XL a few years ago.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re.
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Across the P&C industry, sentiment expressed on Q3 conference calls has improved since pandemic lows.
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With a four-decade-long career in global financial services, McNeilage also serves on the boards of the Reinsurance Group of America and Scholarship America.
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Sources said Miami-based Everest fac VP Sean Berry is set to move to London as head of international property.
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In an interview, the CEO also addressed the carrier’s international expansion and portfolio remediation.
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Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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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 executive described the hardening property cat market as a “tremendous opportunity” for the Bermudian.
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The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
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The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
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The French operation will be led by Anne Charon, and the German unit by Bernd Wiemann. The two were appointed country heads earlier this year.
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Based in New York, the executive will report directly to Everest Group COO and head of reinsurance Jim Williamson.
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The pair will report to Artur Klinger and Paul Tester, respectively.
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If the hurricane season continues to be mild, it could impact pricing momentum.
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In the newly created position, Rudow will report to Everest North America reinsurance head Jill Beggs.
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The carrier also recruited Danielle Stewart from Liberty Mutual as vice president and national head of wholesale distribution.
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In his new position, the executive will focus on the firm’s expansion of its aviation insurance offerings.
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CEO Juan Andrade said the carrier would be looking continually to expand and “bridge gaps”.
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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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South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Everest Insurance has announced that its president of global property, Erik Nikodem, will retire in mid-July. The insurance arm of Everest Re also announced the appointments of three key leadership roles in its US and global property division.
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In this newly created role, Joe Stuhl will lead the reinsurance organization’s global distribution strategy and address emerging needs.
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The executive will report to Everest Group COO and head of reinsurance Jim Williamson.
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The carrier received approval from local regulators to operate in Chile under the brand Everest Compañía de Seguros Generales Chile.
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He moves from Axis Capital and will succeed Jon Levenson.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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He will replace the retiring Dennis Alba.
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The move comes amid a number of senior appointment announcements in the Latin American market, including two senior hires from Marsh.
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The firm said the conflict gave rise to uncertainty but at this stage losses appeared manageable.
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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 (re)insurer revealed it has “limited exposure” to the Ukraine-Russia conflict and did not make a loss provision due to the degree of uncertainty.
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Scott Paddington and Russ Lewis will report to Jill Beggs, head of North America reinsurance at Everest.
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Mango was a respected industry leader and played a key role in elevating the company’s culture of rigorous risk management.
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A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.
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The firm posted positive quarterly earnings results, but it's too soon view this this as a new trendline.
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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 reinsurer added $280mn in casualty pro rata premium in Q4, a 60% jump, while growing casualty XoL writings by 37%, or about $84mn in new premium.
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The exit of key Florida insurers could spur rate increases.
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Gross premiums leaped by 25%, to $3.43bn, from a 26% surge in reinsurance and 21% growth in insurance.
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Inside P&C Research examines Juan Andrade’s rebalancing of the Bermudian towards insurance, and his efforts to tame the firm’s volatility.
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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 hires come as Everest continues its pivot towards primary business.
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The insurer becomes the latest carrier to more heavily draw a distinction between its wholesale and retail units.
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The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
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The company has also named Rui Marliere as head of its Latin America and Caribbean business.
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The appointment follows the departure of Mike Hoffmann after a just over a year.
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The Inside P&C research team looks forward to the big issues of the new year.
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The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
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Grace, who had originally left Everest in May, will be based in London, after previously working out of Boston.
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The former president for specialty casualty insurance had moved into a senior casualty treaty role in Everest’s reinsurance division last month.
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Reinsurers take stock of a changing catastrophe landscape and plot contradictory courses.
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The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week and promoted Peter Bell to be its new CEO in Bermuda in July.
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The CEO also detailed the carrier’s efforts to capitalize on surging primary casualty rates through proportional treaty business.
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The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.