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Top Stories / Ad / Most Recent
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T&Cs, as well as exclusions, remain largely unchanged, the executive said. -
The carrier is continuing to reposition its portfolio to drive more consistent returns.
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Casualty rates in Q3 rose 6.1% driven by increases in commercial auto, energy and excess liability.
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Interim CUO Nick Pritchard turned in his notice in August of this year.
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YTD disclosed run-off deals total 26, with $1.36bn of gross liabilities transferred.
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The global insurer is buying access to distribution and underwriting at a carrier with a 27% GWP CAGR.
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The Bermuda carrier brought a winding-up petition earlier in October.
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A re-focus on reinsurance nearly brings Everest back where it started.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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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 CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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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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The global insurer will need to convince investors on the quality of the book.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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The protection covers the US insurance book for the 2024 and prior accident years.
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The carrier has been exploring launching into P&C organically or via acquisition.
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The MGA is also looking to build out its US mid-market professional liability expertise.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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The division mostly places higher up the tower, where many insurers have taken action to address SAM losses.
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The carrier has renewed and extended its capacity arrangement with the MGA.
