Re/insurers

It makes sense for Next to secure a sale as an exit strategy in an increasingly challenging funding environment.

The executive was Everest CEO from 1994 to 2013 and has served as board chair since 1994.

The new CEO hints at expansion into MGA markets.

The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.

While significant, the fires are expected to be an earnings rather than a capital event for the industry, John Huff, CEO of the Association of Bermuda Insurers & Reinsurers, said.

Four cat modelers have also submitted their tech for regulatory review.

The industry continues to take reserve addition medicine in smaller doses than recommended.

These events can also no longer be considered secondary perils, executives said.

RAA president Frank Nutter says he hasn’t been able to get an update on the project from the now Trump-led NOAA.

The estimate is based on industry losses in the range of $35bn-$45bn.

Katie McGrath is appointed CorSo CUO amid a restructure of the unit.

The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.