Everest
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Premiums grew by 14%, led by 16% growth in reinsurance and a 14% expansion in insurance. -
The carrier has also named Matt Gallagher as head of executive solutions and Ayesha West as head of cyber liability.
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The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
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The CEO said the company will become more balanced and diversified under his watch.
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Michael Cipolla has worked at the carrier for nearly five years.
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The executive has joined the carrier as senior vice president of management liability business.
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She will report directly to Everest Re’s president and CEO Juan Andrade.
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James Camerino worked at Everest Re for more than a decade and before that worked at Munich Re for 22 years.
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Sources say he is succeeded in the role by Everest’s current deputy head of cyber Ayesha West.
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Will the latest iteration of re-underwriting and management change improve the return profile of one of the largest (re)insurance franchises?
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The company also said that it expects to grow underlying margins through underwriting actions that go beyond price improvement.
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The (re)insurer had previously disclosed the $400mn reserve charge, largely connected to casualty reinsurance business from accident years 2015 to 2018.
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