Everest Re
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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals. -
The new deal will fall short of replacing the $950mn the insurer has rolling off risk.
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The (re)insurance services company recently hired a COO for its ILS operations.
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Assets under management at the sidecar rose 12.5% year-on-year to $900mn by the start of 2021
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The company relies heavily on underwriting expertise to prepare for cat events.
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The carrier expects “significant” operating income and “positive” net operating income for Q3.
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ILS expansion beyond cat will continue, the Everest Re CEO added.
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The sidecar's asset base has fallen by around $140mn in the past year.
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Everest Re said it has written more retro and has enough firepower for market opportunities.
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Cat losses were down 50% year on year, but pre-tax pandemic losses totalled $160mn.
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