Everest
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The S&P 500 insurance industry index rose by 2.8 percent as lawmakers neared a vote on a coronavirus economic relief package.
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He will take over from Sanjoy Mukherjee, Everest Re’s general counsel and corporate secretary, who has run the Bermuda operation since 2016.
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The recruitment drive comes as excess casualty rates soar in response to the social inflation crisis sweeping the US.
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Everest echoed our skepticism from Monday about social inflation versus long-term mean reversion for loss trends on its Q4 earnings call.
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The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities. -
Everest reported Q4 operating EPS of $3.20/sh, easily beating analyst estimates, albeit against a consensus that had the benefit of pre-announced cat losses.
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Everest is the latest to report its Q4 cat loss total, following Axis, Chubb and Allstate.
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The Bermuda carrier predicts full-year net profit of about $1bn, in line with forecasts.
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The executive will replace Stephan Knipper, who is retiring after a 33-year career.
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The executive will work closely with international CEO Vincent Vandendael in the new post.
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Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
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Part of the cost of the disaster will likely fall on a builder’s risk policy written by the two carriers.
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