Everest
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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. -
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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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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