Everest
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The agency said it does not expect a “material impact” from the charge.
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At January 1 renewals, prices dropped 5%-15% for loss-free programs.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The carrier’s year-end kitchen sink action is a make-or-break moment for a troubled franchise.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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The appointment follows a series of moves across the Miami treaty sector over the past 12-18 months.
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Carlos Becerra will succeed Delgado as Miami-based LatAm fac head.
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New CEO Williamson will likely continue walking the hybrid path, with an emphasis on fixing US casualty.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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He succeeds Wayne Peacock, who retires this year after four years of service.
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Everest Global: Multiple heavy lifts at once
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Everest makes two leadership appointments to its US casualty business
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