Everest

This year, casualty pro-rata rates overall moved about 1 point, Everest’s Jim Williamson added, noting other deals in H2 where the numbers moved more than that.

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The company’s Q3 cat losses fell 77% to $170mn, compared to $730mn in the prior year quarter.

Everest North America insurance president Mike Mulray will head up the business on an interim basis while the carrier appoints a permanent unit leader.

In her new position, McDermott will report directly to Everest insurance CEO Mike Karmilowicz, effective immediately.

The executive has over 20 years of specialty insurance experience and most recently served as Everest’s head of financial and professional lines.

A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.

Differences in reinsurer strategies and risk management lead to differentiation in stock multiples and long-term value creation.

This will be the second senior appointment for Everest in LatAm after the (re)insurer hired Chubb’s Jaime Chaves as CEO in Mexico as part of its global build-out.

The chief executive also remarked on the strong rating environment in the property cat (re)insurance markets.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Inside P&C news team runs you through the earnings results for the day.