Everest Announces Estimated Third Quarter 2020 Catastrophe Losses
Everest Re Group, Ltd. (“Everest” or the “Company”) announced estimated third quarter 2020 catastrophe losses.
Everest is estimating pre-tax net catastrophe losses in the amount of $300 million, net of reinsurance and reinstatement premiums. The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and other events including the Midwest United States Derecho windstorm.
Juan C. Andrade, Everest CEO commented:
“Our thoughts and sympathies go out to all those affected by these recent catastrophe events. Everest provides meaningful capacity and valuable solutions to our customers, helping communities rebuild when events such as these take place. Despite the industry catastrophe losses during the quarter, Everest expects to report significant net income and positive net operating income for the third quarter of 2020, a reflection of the strength and diversification of our business.”
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Everest Insurance® Adds Alex Poracchia as International Chief Actuary and CFO
Everest Re Group, Ltd. (“Everest”) announced that Alex Poracchia has joined the company as its International Chief Actuary and Chief Financial Officer of the organization’s Everest Global Markets division.
Prior to joining Everest, Alex spent nearly eight years at Deloitte UK as a partner within the firm’s Actuarial, Reward and Analytics practice predominantly supporting international clients’ Audits, M&A and finance transformation programmes. Previously, he spent ten years at Zurich Financial Services, where he performed several roles, including Chief Actuary and then CFO of the Global Corporate Division. Alex held prior roles at Swiss Re and Bavarian Re. He has more than 22 years’ experience within the insurance and reinsurance market.
Alex is a graduate of the University of Louis Pasteur with a Master’s in Actuarial Sciences and a degree in Economics and Mathematics. He is a Fellow of the Institute of Actuary (FIA) and a Fellow of the French “Institut des Actuaires.”
Vincent Vandendael, CEO of Everest Global Markets, commented on the addition, “We are pleased to have Alex join Everest Global Markets as our International Chief Actuary and CFO. Alex has excelled throughout his career in senior positions, which leaves us excited to add his depth of knowledge, expertise and skills to our international actuarial and finance departments.”
Everest Expects Q4 Catastrophe Loss Of $215M
Everest Re Group said it expects to report Catastrophe losses in the fourth quarter of 2019 of $215 million, which consist of Typhoon Hagibis in the amount of $190 million and tornado losses in Dallas, Texas in the amount of $25 million.
The company said, “Catastrophe losses are net of estimated reinsurance recoveries and reinstatement premiums. Also contributing to the fourth quarter 2019 results are the following items:
Higher than normal current year losses in the reinsurance crop book related to poor weather conditions in the U.S. and Canada, negatively impacting underwriting income in the amount of about $50 million.
Net favorable prior year reserve development of $19 million.
Net investment income of about $146 million, including lower limited partnership income of $6 million.
“For the full year 2019, Everest expects to report about $1.0 billion of net income, resulting in a net income return on equity of 12%. The Company continued to see strong rate improvement in most classes of insurance and reinsurance during the fourth quarter of 2019 and at the important January 1 renewal date.
“The size, scale and financial strength of Everest, combined with a large and well diversified portfolio of business, is allowing the Company to continue to capitalize on the favorable market conditions.
“Full results for the quarter and 2019 year will be released on February 10, 2020.”
Everest Insurance® Adds to Financial Lines Team
Everest Insurance® has continued to expand its footprint in the Financial Lines market and is pleased to announce the addition of four new members to the Financial Lines team.
Tim Golden joins Financial Lines as an Underwriting Manager on the Cyber team. He will be based out of the organization’s New York City office and wil be reporting to Ayesha West, Vice President of Cyber. Prior to joining Everest, Tim spent three years at Chubb Insurance as an AVP in the Financial Lines unit. Previously, he worked in the Professional Risk & Cyber Liability segment at ACE USA. Tim holds a Bachelors of Arts from New York University.
Kyle Auty, Esq., joins Financial Lines as a Director of Product Management based out of the organization’s New York City office. He brings over 10 years of legal experience and product expertise to Everest and will report to Reena Boltax, Esq., VP of Project Management. Kyle most recently worked at Chubb North America as Legal Counsel. Previously, Kyle spent time at Allied World Insurance Company, The Jackson Law Group, LLC f/k/a Bishop, Jackson & Kelly, LLC, and the Superior Court of Connecticut. Kyle earned his JD from the University of Pittsburgh School of Law, and his BA in Sociology and Political Science at the University of Connecticut.
Micah Placek joins Financial Lines as a Senior Underwriter on the Private Company team. He will be based out of the organization’s Atlanta office and will be reporting to Meredith Little, Director of Private Company. Prior to joining Everest, Micah spent four years at Hiscox Insurance. Previously, he worked as an underwriter at AIG in the Private/Non-Profit Management Liability group. Micah holds a B.S. in Finance and Accounting from Valdosta State University.
Kirk Meixner joins Financial Lines as an Underwriter on the Lawyers Professional Liability team. He will be based out of the organization’s New York City office and will be reporting to Brittany Lannan, Manager of Professional Liability. Prior to joining Everest, Kirk spent two years underwriting Lawyers Professional Liability at Crum & Forster as an Associate Underwriter. Previously, he interned at Aspen Insurance and Laundry Owners Mutual Insurance. Kirk holds a Bachelor of Science in Risk Management from Penn State University, Smeal College of Business
Commenting on the new members of the Financial Lines team, Keith Lavigne, SVP and Head of Financial Lines said, “Tim, Kyle, Micah, and Kirk each bring extensive knowledge, insight and in-depth industry experience to Everest. We know that their contributions to Financial Lines will enable us to continue to provide best in class service and customized product solutions to our clients and brokers.”