Everest
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Habayeb will start next May following Kociancic's retirement. -
The move comes after Everest sold renewal rights for its global retail business to AIG.
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The appointment follows Everest’s $2bn renewal rights sale of its commercial retail business to AIG.
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The executive will fill the role previously held by Howden’s Figliozzi.
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A re-focus on reinsurance nearly brings Everest back where it started.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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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 company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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Jason Keen joined Everest in 2022 as head of international.
