Everest
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The company named two execs to head global wholesale and commercial. -
Clifford’s appointment follows Everest’s $2bn renewal rights sale to AIG.
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This publication revealed earlier Everest could sell its LatAm and Canadian units.
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Carriers underweight in E&S could lead the charge in the next round of M&A.
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The company announced four internal promotions this week.
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Habayeb will start next May following Kociancic's retirement.
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The move comes after Everest sold renewal rights for its global retail business to AIG.
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The appointment follows Everest’s $2bn renewal rights sale of its commercial retail business to AIG.
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The executive will fill the role previously held by Howden’s Figliozzi.
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A re-focus on reinsurance nearly brings Everest back where it started.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will need to convince investors on the quality of the book.
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Jason Keen joined Everest in 2022 as head of international.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The protection covers the US insurance book for the 2024 and prior accident years.
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The state’s AG said the case threatens continued offshore oil and gas operations.
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The move is the latest in a series of casualty leadership shake-ups at the insurer.
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The $20bn+ TIV data center is seen as the leading edge of significant new demand.
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He will spearhead the division’s launch slated for 2026, which will be the first product launch for ICW Group’s specialty unit.
