Re/insurers
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Both the primary and reinsurance segments benefitted from a light cat year. -
While attritional losses were up for the quarter, those in the carrier’s core business declined.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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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 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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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The appointments are aimed at offering a clearer team structure.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
