Everest Re
-
Cat losses were down 50% year on year, but pre-tax pandemic losses totalled $160mn.
-
The carrier said $130mn of pre-tax Covid-19 losses came from its reinsurance segment.
-
The sidecar’s loss ratio improved by 30 points year on year.
-
The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
-
Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
-
Sharry Tibbitt has previous worked as senior VP of property and specialty, and VP of treaty underwriting at the company.
-
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.
-
This is the first time premium income has outpaced claims in three years.
-
The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite.
-
The Everest Re sidecar began 2020 with $819mn of assets under management.
-
The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
