Everest Re
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Programs did not offer adequate risk-adjusted return. -
The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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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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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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Everest is in the process of transforming its ILS offering.
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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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Cat bond funds continue to draw interest as private ILS more challenged.
