Everest
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The company announced four internal promotions this week. -
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.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The affirmations reflect Everest’s strong underwriting diversification.
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He joins the company after 22 years in casualty leadership roles at Chubb.
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Sources said that the carrier has held preliminary talks with private debt investors.
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The executive most recently served as head of North American treaty reinsurance.
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Reinsurers are mostly aligned on cat reinsurance, but goals are otherwise diverse.
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Specialty casualty now accounts for around 22.2% of its insurance business mix.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Jill Beggs was most recently COO for reinsurance.
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Jim Williamson said litigation funding had evolved into an investment class.
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The carrier has scaled up its international insurance offering in recent years.
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The executive will be responsible for leading E&S primary and excess casualty.
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The remediation process is on track for completion in the fourth quarter.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Everest’s US wholesale business is seeking to expand its market presence.
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London-based US excess casualty writers are increasingly looking to attach lower in the tower.
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The executive was named group CEO in January.
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Joe Fobert will report to William Hazelton, EVP of Everest.
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Jeanmarie Giordano joined the company last September.
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The executive was Everest CEO from 1994 to 2013 and has served as board chair since 1994.
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GAAP reserve triangles reveal the struggles of some hybrid franchises.
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John Howard was appointed as an independent, non-executive member.
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At the PLUS D&O symposium, executives raised concerns over tariffs and the role of reinsurance.
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The agency said it does not expect a “material impact” from the charge.
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At January 1 renewals, prices dropped 5%-15% for loss-free programs.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The carrier’s year-end kitchen sink action is a make-or-break moment for a troubled franchise.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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The appointment follows a series of moves across the Miami treaty sector over the past 12-18 months.
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Carlos Becerra will succeed Delgado as Miami-based LatAm fac head.
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New CEO Williamson will likely continue walking the hybrid path, with an emphasis on fixing US casualty.
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The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.
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He succeeds Wayne Peacock, who retires this year after four years of service.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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The executive had joined the firm from Chubb in May.
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Everest Group’s regulatory filing did not give a reason for the resignation.
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A signal around Q4 adverse development has brought the carrier into the spotlight.
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Both executives will be reporting to EVP Bill Hazelton.
