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Top Stories / Ad / Most Recent
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T&Cs, as well as exclusions, remain largely unchanged, the executive said. -
The carrier is continuing to reposition its portfolio to drive more consistent returns.
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Casualty rates in Q3 rose 6.1% driven by increases in commercial auto, energy and excess liability.
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Interim CUO Nick Pritchard turned in his notice in August of this year.
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YTD disclosed run-off deals total 26, with $1.36bn of gross liabilities transferred.
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The global insurer is buying access to distribution and underwriting at a carrier with a 27% GWP CAGR.
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The Bermuda carrier brought a winding-up petition earlier in October.
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A re-focus on reinsurance nearly brings Everest back where it started.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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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 property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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Despite the pricing pressure, margins for the line of business remain attractive, he added.
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The global insurer will need to convince investors on the quality of the book.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier recently expanded its reinsurance product suite in Bermuda.
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Northeast Insurance said 55 claims were brought under the Child Victims Act.
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The protection covers the US insurance book for the 2024 and prior accident years.
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The carrier has been exploring launching into P&C organically or via acquisition.
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The MGA is also looking to build out its US mid-market professional liability expertise.
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Mike Mulray joins from Everest, where he was EVP president of North America insurance.
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The division mostly places higher up the tower, where many insurers have taken action to address SAM losses.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The company will continue its capacity partnership with the MGA until 2030.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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Vantage Group Holdings received a BBB- long-term issuer credit rating.
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The business said it was experiencing strong momentum on the Island.
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The affirmations reflect Everest’s strong underwriting diversification.
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Bill Bouvier has spent more than three years at the legacy firm in this role.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The executive most recently served as head of North American treaty reinsurance.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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CFO Liam Caffrey has been elected as Rountree’s successor.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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James River said the court was right to dismiss the fraud case.
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Analysis of market conditions, reserves show that this might not lead to an overnight consolidation boom.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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Cavello Bay Re will provide paper for the MGA’s business written out of Bermuda.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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This publication revealed yesterday that the two were in detailed takeover talks.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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The company said the judge overlooked key issues in dismissing its fraud case.
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Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
