Everest
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500. -
The carrier will use the proceeds of the offering for general corporate purposes.
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The new hires join as CFO and COO under recently arrived CEO Juan Andrade.
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The MGA, which writes on paper from Accident Fund Insurance Company of America, uses AI in its underwriting process.
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“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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Covid-19 losses caused the group’s reported combined ratio to swell to 97.5% from 89.2% reported last year.
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He takes over from Jonathan Zaffino, who has begun a new role at Ascot Group as president of its US and Bermuda operations.
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The figure brings the reinsurer’s pandemic loss total to $310mn.
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Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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The executive says carriers have not underwritten or priced for statutory developments.
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A previously reported Covid-19 loss of $150mn dampened underwriting profitability, though the remaining underwriting results were roughly in line with the year before.
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Yashar Jafari has joined the carrier in New York City as leader of its alternative solutions group.
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