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The top 21 reinsurers were rated positive on just 9% of factors overall. -
The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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Everest Re CEO Juan Andrade said appetite had gone “very much higher up in structures”.
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The executive said there was a strong case for meaningful rate increases in reinsurance.
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.
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The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.
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Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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The carrier has also exited US MGAs exposed to North Atlantic cat risk.
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Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.
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The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
