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He succeeds Wayne Peacock, who retires this year after four years of service. -
Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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The fast-moving blazes have prompted evacuations across the city.
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More than 4,000 acres are burning as thousands evacuate.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The deal is split into two tranches compared with the single note issued last year.
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The new agreement provides $40mn of aggregate limit excess of zero.
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The deal comes around three years after Markel sold a controlling interest in Velocity for $181.3mn.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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