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The revised outlooks reflect the difficult moment as Everest moves away from retail. -
The Insurance Insider US news team runs you through the earnings results for the day.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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The reductions reflect a mix of programs being handed off and MGAs proactively switching.
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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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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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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 regulations are designed to address long-term solvency concerns.
