Everest

Insurance Insider US runs you through the earnings results for the day.

Chuck Volker has been with Everest for more than 20 years, most recently serving as SVP, head of US property and specialty.

Bill Hazelton replaces David Sandler, who is leaving Everest after six years.

The business will bring together aviation, marine, cyber, engineering and parametric solutions.

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

The executive will be responsible for all aspects of Everest’s retail, middle market and builder’s risk businesses.

Everest is targeting a combined ratio of 89%-91% for 2024-2026, compared to the 91%-93% target range from its previous investor day event in 2021.

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.

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

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.