Everest

It is understood that Everest acquired XL’s insurance license in Mexico from Axa, which already had one in the LatAm country when it acquired XL a few years ago.

The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.

The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.

It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re. 

Across the P&C industry, sentiment expressed on Q3 conference calls has improved since pandemic lows.

With a four-decade-long career in global financial services, McNeilage also serves on the boards of the Reinsurance Group of America and Scholarship America.

Sources said Miami-based Everest fac VP Sean Berry is set to move to London as head of international property.

In an interview, the CEO also addressed the carrier’s international expansion and portfolio remediation.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.

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The executive described the hardening property cat market as a “tremendous opportunity” for the Bermudian.