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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The asset manager has been forced to pare back sidecar allocations following last year’s disaster activity, and pay out a stream of redemption requests. -
The firm launched last year with $50mn of capital from a pension plan investor.
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The fund delivered an investment loss of 7.56 percent in the half-year to 30 April.
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The carrier has made refinements to the vehicle’s portfolio mix and the structure mix, Liberty Mutual told Trading Risk.
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The target size shrank from 2018 after the insurer revised the renewing portfolio, with the Bermuda-listed component dropping by $143mn.
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The 2019-3 notes bring the total Alturas sidecar support for the year up to $230mn.
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Ken Randall has stepped down from the role but stays with the group as chairman.
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The reinsurer has expanded its retro sidecar by more than a quarter from the previously estimated size of $531mn.
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The Everest Re group member has been hit by the departure of CEO Rick Pagnani and chief operating officer Michael Beck over the last year.
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Losses taken by the Everest Re sidecar more than doubled year on year.
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The DaVinci Re result drove net income from $29.9mn in the first quarter of 2018 to $70.2mn at the end of Q1 this year.
