Everest

Early private deals have provided far more stability in this year’s renewal than last.

Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.

The company reiterated that net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.

Inside P&C’s news team runs you through the key highlights of the week.

The move follows a rebrand completed in November 2022.

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The raise is a bullish signal from Everest on the returns available in the market but could be taken by some as another harbinger of easing market momentum.

Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.

Returns from April 1 and May 1 were at or exceeded the return levels of January 1 renewals.

Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.

In his new role, Mulray will lead all aspects of North America, the Insurance division’s largest portfolio, and report to Everest Insurance president and CEO Mike Karmilowicz.

Based in Mexico City, Chaves will report to Everest insurance Latin America regional president Pablo Korze, who is based in Chile.