Everest Re
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Carriers are grappling with a rush of investor interest in longer-tail lines. -
Mt Logan’s Q3 loss ratio improved by 44.2 points to 11.5% for the quarter.
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The legacy cover will backstop policies written by its North American insurance business.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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Programs did not offer adequate risk-adjusted return.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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He succeeds Wayne Peacock, who retires this year after four years of service.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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Everest is in the process of transforming its ILS offering.
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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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Cat bond funds continue to draw interest as private ILS more challenged.
