Everest Re
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Retro fundraising hits the wall, with Eklund downing tools on start-up. -
The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
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The sidecar’s 53 percent loss ratio was well below last year’s huge claims hit.
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Industry leaders have lifted the expected total loss to a new high.
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Juan Andrade starts at the company in September as COO and will take the top position in January.
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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The Everest Re group member has been hit by the departure of CEO Rick Pagnani and chief operating officer Michael Beck over the last year.
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A drought of retro cover may bolster Florida rate demands, sources suggest.
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Everest Re and RenaissanceRe have given their support to the initiative.
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The insurer increased its participation at the Japan renewals in April.
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Mt Logan Re's asset base is stable at $1.05bn.
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Buckingham Research analyst Amit Kumar noted that insured loss estimates had been revised up since the early weeks following the August and September events.
