Everest Re
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Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
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Sharry Tibbitt has previous worked as senior VP of property and specialty, and VP of treaty underwriting at the company.
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Jonathan Zaffino had worked at the company since 2015, and served as an MD at Marsh earlier in his career -
The promotion comes as the reinsurer’s new CEO Juan Andrade shapes his senior team.
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This is the first time premium income has outpaced claims in three years.
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The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
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Issuance has picked up in the third quarter of the year with a number of large sponsors including Everest Re and Axa XL entering the market in the fourth quarter.
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Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
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Insurance coupons on the latest Everest Re cat bond are more than 20 percent higher than a similar issuance in 2017.
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The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.
