Everest

CEO Juan Andrade said the carrier would be looking continually to expand and “bridge gaps”.

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South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

Everest Insurance has announced that its president of global property, Erik Nikodem, will retire in mid-July. The insurance arm of Everest Re also announced the appointments of three key leadership roles in its US and global property division.

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 carrier received approval from local regulators to operate in Chile under the brand Everest Compañía de Seguros Generales Chile.

He moves from Axis Capital and will succeed Jon Levenson.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

He will replace the retiring Dennis Alba.

The move comes amid a number of senior appointment announcements in the Latin American market, including two senior hires from Marsh.