Everest Re
-
-
The vehicle’s loss ratio improved 66 percentage points YoY.
-
The carrier booked a reserve charge of $392mn for casualty insurance.
-
The claw-back is anticipated after PCS revised down its Ian loss estimate.
-
The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
-
The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
-
The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.
-
Early private deals have provided far more stability in this year’s renewal than last.
-
This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.
-
Net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.
-
Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
-
Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
-
The reinsurer revealed it raised money in Mt Logan at the 1 January renewal.
-
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.
-
The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
-
The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
-
The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.
-
Mt Logan ceded $68mn of premiums to Everest Re in the three months leading up to 30 September – down 41% compared to Q3 2021.
-
Early reporters emphasised an ongoing demand for structural change.
-
CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
-
The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
-
The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
-
How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
-
The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
-
South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.
-
The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
-
In this newly created role, Joe Stuhl will lead the reinsurance organization’s global distribution strategy and address emerging needs.
-
The executive will report to Everest Group COO and head of reinsurance Jim Williamson.
-
The cover sought is for named storm and earthquake in the US and Canada.
-
The trigger is territory-weighted industry loss, with the application of an inflation factor.
-
He moves from Axis Capital and will succeed Jon Levenson.
-
The incoming COO joins from PGGM, where he is currently a director within the credit and insurance-linked investments team.
-
The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.
-
Mango was a respected industry leader and played a key role in elevating the company’s culture of rigorous risk management.
-
A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.
-
The ILS platform of Everest Re is looking to optimize value for the group and investors.
-
The exit of key Florida insurers could spur rate increases.
-
Gross written premiums grew by nearly 25%, with similar levels of expansion in primary and reinsurance segments.
-
The company has also named Rui Marliere as head of its Latin America and Caribbean business.
-
The appointment follows the departure of Mike Hoffmann after a just over a year.
-
Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
-
The collateralised sidecar of Everest Re was hit by higher cat losses in the period.
-
Everest Re CEO Juan Andrade said appetite had gone “very much higher up in structures”.
-
The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.
-
Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
-
The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
-
Everest Re recently outlined plans to lift gross premium by 10%-15% annually from 2021 to 2023.
-
From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
-
A reinsurance panel at Reconnect also called for reform of risk models
-
Modin will succeed David Whiting, who is retiring after a 45-year career in the reinsurance industry.
-
The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
-
After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.
-
The reinsurer is planning to accelerate growth in its insurance business.
-
The executive’s responsibilities will be taken on by chief operating officer Jim Williamson.
-
The insurer remained in underwriting profit despite the winter storm losses.
-
The reinsurer pushed pricing to the lowest end of its revised target range.
-
The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
-
The new deal will fall short of replacing the $950mn the insurer has rolling off risk.
-
The (re)insurance services company recently hired a COO for its ILS operations.
-
Assets under management at the sidecar rose 12.5% year-on-year to $900mn by the start of 2021
-
The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
-
Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
-
The company relies heavily on underwriting expertise to prepare for cat events.
-
The carrier expects “significant” operating income and “positive” net operating income for Q3.
-
ILS expansion beyond cat will continue, the Everest Re CEO added.
-
The sidecar's asset base has fallen by around $140mn in the past year.
-
Everest Re said it has written more retro and has enough firepower for market opportunities.
-
Cat losses were down 50% year on year, but pre-tax pandemic losses totalled $160mn.
-
The carrier said $130mn of pre-tax Covid-19 losses came from its reinsurance segment.
-
The sidecar’s loss ratio improved by 30 points year on year.
-
The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
-
Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
-
Sharry Tibbitt has previous worked as senior VP of property and specialty, and VP of treaty underwriting at the company.
-
Jonathan Zaffino had worked at the company since 2015, and served as an MD at Marsh earlier in his career
-
The promotion comes as the reinsurer’s new CEO Juan Andrade shapes his senior team.
-
This is the first time premium income has outpaced claims in three years.
-
The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite.
-
The Everest Re sidecar began 2020 with $819mn of assets under management.
-
The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
-
Issuance has picked up in the third quarter of the year with a number of large sponsors including Everest Re and Axa XL entering the market in the fourth quarter.
-
Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
-
Insurance coupons on the latest Everest Re cat bond are more than 20 percent higher than a similar issuance in 2017.
-
The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.
-
Retro fundraising hits the wall, with Eklund downing tools on start-up.
Most Recent
-
World Bank ‘just scratching surface’ of cat-bond market
25 April 2024 -
Insurance Insider ILS Awards shortlist confirmed
25 April 2024 -
Ariel Re, Hiscox Re ILS launch cyber-cat group
25 April 2024