Everest
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Modin will succeed David Whiting, who is retiring after a 45-year career in the reinsurance industry. -
The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
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New Everest E&S casualty CUO Casey Hartley has over two decades of experience in the industry.
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Good news may be temporary, no matter how good it is.
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He suggested that the company might be willing to allow higher commissions.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The company set aggressive targets for 2023 but was light on a deeper dive.
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CEO Juan Andrade laid out the new targets in an investor day presentation in which he said the carrier will become a “digital first” (re)insurer.
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Citi analyst Suneet Kamath wrote that P&C underwriters have more exposure to inflation pressures, due to higher claim costs compared with brokers and life insurers.
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