Everest Re
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The firm expects pricing and terms and conditions to hold. -
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The vehicle’s loss ratio improved 66 percentage points YoY.
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The carrier booked a reserve charge of $392mn for casualty insurance.
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The claw-back is anticipated after PCS revised down its Ian loss estimate.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.
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Early private deals have provided far more stability in this year’s renewal than last.
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This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.
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Net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.
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Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
