Everest Re
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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. -
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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The carrier said $130mn of pre-tax Covid-19 losses came from its reinsurance segment.
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The sidecar’s loss ratio improved by 30 points year on year.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
