Everest Re
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The firm warned that it expected continuing industry adverse development into 2019. -
The insurer’s Irma losses have risen by a further 25 percent to $754mn.
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Continuing cat losses and dislocation at Lloyd’s should support reinsurance renewal rates, the reinsurer suggested.
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The deal also brings RenRe one of the largest fronting providers.
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The firm’s Mt Logan sidecar posted assets of $1.2bn, up from $1.1bn three months earlier.
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The Everest Re sidecar’s Q2 claims burden was up by more than 400 percent year on year.
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The latest gross figure of $630mn is double that of its initial estimate released in third-quarter results.
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CEO Dominic Addesso said it was a mistake that early favourable loss reports had not set off “alarm bells” for the company.
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The sidecar grew as the (re)insurer reported a 29 percent surge in gross written premium for the quarter.
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The Florida-based insurer is also expecting to make reinsurance claims related to the Hawaiian eruptions.
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Re-opened claims in Florida hit aggregate policies written by the reinsurer.
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The Florida insurer decreased the share of its growing premium base being ceded to reinsurers.
