Specialty treaty
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The Caymans-based reinsurer’s Q3 CoR was 86.6%, down 9.3 points YoY. -
The carrier’s top line grew to $1.4bn in the first half of 2025.
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The upgrade reflects consistent outperformance of “higher-rated peers”, S&P said.
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This publication revealed the move earlier this year.
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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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The carrier has been exploring launching into P&C organically or via acquisition.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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CEO Tom Wakefield said property cat supply is “materially outpacing demand”.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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The changes affect operations in Switzerland, Bermuda and the US.
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The broker is launching a reinsurance arm in partnership with Bain Capital.
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The only major product line to see rate increases was casualty.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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He also joined Everest’s board last week as an independent director.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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Competition for specialty reinsurance talent remains high.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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Castel founder Mark Birrell will take the role of executive chairman.
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The carrier increased specialty premium by 39% by the nine-month mark.
