Alex Haines Joins Everest as Reinsurance Global Head of Engineering
Everest Reinsurance, the reinsurance division of Everest Group, Ltd. (NYSE: EG), announced that Alex Haines has been appointed as Global Head of Engineering. He will report to Emily Davis, Head of the division’s Global Specialties business, which includes Aviation, Marine, Cyber, Engineering and Parametric Solutions.
Mr. Haines brings more than two decades of construction and engineering experience in both underwriting and broking. He comes to Everest from Guy Carpenter, where he served as Managing Director and Head of Construction and Engineering. Prior to that, Mr. Haines held various leadership positions with global organizations including Willis Towers Watson and MAPFRE.
“Alex’s proven leadership and deep technical expertise make him the ideal leader for our Global Engineering practice,” said Emily Davis, Head of Global Specialty, Everest Reinsurance. “He brings a proven track record of fostering strong relationships, building collaborative, high-performing teams, and expanding portfolios. I look forward to working with Alex as we continue to invest in the business to meet the unique needs of our engineering clients and brokers.”
Everest Appoints John Howard to Board of Directors
Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, announced that John Howard has been appointed as an independent, non-executive member of its Board of Directors, effective 6th March 2025.
“John is an outstanding addition to Everest’s Board. He is highly regarded in the industry with a stellar career successfully building and transforming businesses, teams, and insurance portfolios to deliver exceptional growth and value,” said Jim Williamson, Everest President and CEO. “His deep knowledge of the sector and strong relationships will be particularly valuable as we position Everest for long-term growth and profitability.”
Mr. Howard has more than three decades of diversified insurance and senior executive leadership experience at top financial services organizations with a proven track record of delivering superior results. Most recently he was Chief Executive Officer of Truist Insurance Holdings (TIH), serving in various leadership positions over the course of twenty years with the company and its affiliates. He recently led the successful $16 billion leveraged buyout of TIH from Truist Financial Corporation (formerly BB&T Corporation). TIH is one of the ten largest insurance brokerages in the U.S., where Mr. Howard established its enhanced infrastructure and operating strategy, as well as a best-in-class Board and leadership team. On January 1, 2025, Mr. Howard stepped down as CEO and assumed the role of Vice Chair of TIH, and he continues to serve on TIH’s Board of Managers.
Previously, Mr. Howard served in executive leadership positions at many other renowned organizations including Prudential Financial, GE, and Conseco, Inc. He began his career on active duty in the U.S. Navy. Additionally, Mr. Howard has extensive experience across industry associations and policymaking. He currently serves on the Insurance Policy Committee of the Board of Governors of the Federal Reserve System, the Council of Insurance Agents and Brokers, The Institutes, and the Maurice R. Greenberg School of Risk Management, Insurance, and Actuarial Science at St. John’s University. Mr. Howard earned a bachelor’s degree in economics from Columbia University and a Master of Business Administration from Duke University, Fuqua School of Business.
“We are delighted to welcome John and expand Everest’s Board with his outstanding caliber of leadership, strategic insight, and integrity,” said Joseph V. Taranto, Everest Chairman. “John brings a wealth of experience in transforming businesses, driving growth, and creating value. I look forward to working with him and drawing on his counsel as we focus on strengthening Everest’s market position and delivering strong returns for our stakeholders.”
Everest Announces Preliminary Commentary on Full-Year and Fourth Quarter 2024 Results
Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, today announced preliminary financial results in advance of its full year and quarterly earnings to be released on February 3, 2025.
The Company expects to report full-year 2024 net income in the range of $1.3 billion to $1.4 billion and non-GAAP net operating income in the range of $1.2 billion to $1.3 billion.
The above results are inclusive of unfavorable development of prior-year loss reserves of $1.5 billion. After current accident year strengthening of $229 million, total strengthening is $1.7 billion for the full-year and fourth quarter 2024.
In Everest’s Reinsurance segment, the Company strengthened prior year U.S. casualty reserves by $684 million for the full-year and fourth quarter 2024. The reserve strengthening was fully offset by favorable development of well-seasoned reserves in property and mortgage lines.
In the Company’s Insurance segment, Everest strengthened prior year U.S. casualty reserves by $1.1 billion and increased current accident year losses in U.S. casualty lines by $206 million, totaling $1.3 billion for the full-year and fourth quarter 2024. The reserve strengthening was driven by a combination of social inflation and portfolio concentrations in certain U.S. casualty lines classes.
As disclosed in an 8-K filed with the SEC after the market close on January 27, 2025, Everest formed a new “Other” segment, primarily comprised of certain sports and leisure lines after giving effect to the sale of the business in October 2024, run-off asbestos and environmental exposures, and certain discontinued insurance programs and coverage classes. Unfavorable development in the Company’s Other segment amounted to $425 million for both the full-year and fourth quarter 2024.
The Company also announced its new target objective to deliver a mid-teens total shareholder return over the cycle. It will no longer be providing detailed forward guidance.
“Our decisive actions this quarter follow a comprehensive reserve review. As a result of these actions, our casualty reserves are positioned with a risk margin above the actuarial central estimate,” said Jim Williamson, Everest President and CEO. “The Company has significantly fortified its U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent, and investing in our platform. We believe these actions strengthen our balance sheet and put Everest on a clear trajectory towards generating attractive returns throughout the cycle.”
Everest Expands its Third-Party Capital Offering with Launch of Mt. Logan Capital Management, Ltd.
Everest Group, Ltd. today announced the transformation of its alternative capital business into a multi-vehicle capital management platform through the launch of Mt. Logan Capital Management, Ltd. (“MLCM”).
Under the new structure, MLCM, which is now licensed as an insurance manager by the Bermuda Monetary Authority (BMA), will expand its role as the exclusive source of risk-sharing and proportional underwriting capacity for Everest Group, offering leading institutional investors around the world a wide range of investment opportunities.
Institutional investors in structures sponsored by MLCM will benefit from Everest’s growing portfolio of diversified reinsurance risks, anchored by the Company’s globally recognized underwriting discipline and expertise. Additionally, the new platform – which includes the collateralized reinsurance vehicle, Mt. Logan Re – will provide Everest with more flexibility for partnering with investors in the capital markets, enhancing its financial strength, balance sheet, claims-paying capacity, and growth of its reinsurance business.
The new MLCM leadership team and Board of Directors include John Modin, Chief Executive Officer, and Youssef Sfaif, President and Chief Operating Officer.
“Third-party capital management is an important part of Everest’s overall strategy,” said John Modin. “We are seeing strong and growing interest from institutional investors in our capital-efficient and highly aligned structures, which provide them with diversified offerings and attractive risk-adjusted returns. MLCM offers newfound flexibility to build upon Everest’s $1.5 billion in total third-party capital, and we welcome new partners interested in investing in the global reinsurance market.”
Jill Beggs, Reinsurance Executive Vice President and Chief Operating Officer added, “Everest creates offerings that are both attractive to institutional investors and aligned to Everest’s world-class underwriting portfolio. MLCM, which now opens up multiple entrance points, helps pair third-party capital with dedicated underwriting portfolios, allowing us to optimize our capital structure, generate new underwriting opportunities, and grow Everest’s overall market share.”
Everest Appoints Industry Leader Glen Browne to Global Head of Accident & Health
Everest Group, Ltd. (“Everest”) (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, announced Glen Browne has been appointed to Global Head of Accident & Health (“A&H”), effective immediately. Mr. Browne will continue to report to Adam Clifford, co-lead of Everest Insurance International®.
“Glen’s appointment underscores Everest’s commitment to the A&H market, and the global businesses who need our protection to thrive in the heightened risk environment,” said Mike Karmilowicz, President and CEO of Everest Insurance®. “We have significantly augmented our offering with outstanding talent and innovative, bespoke solutions, and now with Glen’s caliber of leadership and specialized expertise, we will continue to elevate our A&H business across North America and globally.”
Mr. Browne’s extensive track record building global A&H businesses and solutions across Europe and Asia Pacific spans more than three decades. He was most recently Head of International Corporate Strategy at Everest Insurance®, and prior to that served as Deputy Regional President and Consumer Lines Division President at Chubb Asia Pacific, where he led the region’s A&H and personal lines divisions, leveraging long established relationships with third party A&H claims networks and assistance services globally. Mr. Browne also served as Country President for ACE Insurance Thailand and as CEO of European Operations for CIGNA where he led the organization’s A&H businesses across the continent. He was also Head of Accident & Health at AIG Far East. Mr. Browne holds a Master of Business Administration from Singapore Management University.
“We continue to diversify and expand Everest’s value proposition with best-in-class leadership, expertise and service to meet the global insurance market’s growing needs,” said Juan C. Andrade, Everest’s President and Chief Executive Officer. “As we advance our strategy, we are bringing the best of Everest to strengthen our global presence in vital business lines like A&H with market-leading talent and solutions.”
Everest Names Industry Leader Mark Julian Chief Actuary, Insurance International
Everest has appointed industry leader Mark Julian as Chief Actuary, Everest Insurance International®, effective immediately. Mr. Julian will report to Adam Clifford, co-lead of Everest Insurance International® and Melissa McDermott, Global Chief Actuary, Everest Insurance® and is based in London.“Mark is a strong, collaborative and decisive leader, with extensive experience shaping actuarial strategies that generate sustainable, profitable business growth across the UK and globally,” said Adam Clifford. “Leveraging his global perspective and proven record leading high performing teams, Mark will drive best practices that will augment our actuarial capabilities and optimize our portfolio.”Mr. Julian’s 30-year career includes key leadership roles, most recently as Chief Pricing Actuary at Axis Re where he led a sizeable global team responsible for driving innovative solutions in analytics and pricing. Prior to that, he was UK CEO and Head of Branch at Tokio Millennium Re (TMR), where he was responsible for the P&L and overall strategy of the UK business, as well as Group Head of Pricing. Mr. Julian earned a bachelor’s degree in mathematics from the University of Nottingham and is a Fellow of the Institute of Actuaries.
Everest Appoints Veteran Legal Advisor Ricardo Anzaldua as Executive Vice President and Group General Counsel
Everest Re Group, Ltd., a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, announced that Ricardo Anzaldua has been appointed Executive Vice President and Group General Counsel, effective June 12, 2023. Mr. Anzaldua will report to President and CEO Juan C. Andrade and will serve on the Company’s executive leadership team.
“Ricardo is a highly accomplished and trusted strategic advisor whose exceptional legal acumen and extensive knowledge of complex, global business and legal issues make him a valuable addition to our senior leadership team,” said Juan C. Andrade, Everest President and CEO. “Ricardo’s experience in fluently navigating broad regulatory, compliance and litigation issues across the U.S., Bermuda and other global markets will be an asset as we advance our global strategic objectives. With a proven track record of developing talent and collaborative, diverse and inclusive teams, Ricardo is a high-impact leader who shares Everest’s cultural values.”
Mr. Anzaldua joins Everest with more than three decades of legal, corporate governance and (re)insurance industry expertise, spanning the U.S., Bermuda and other global jurisdictions and industries across the public and private sectors. Most recently, Mr. Anzaldua was EVP, General Counsel and Corporate Secretary for the Federal Home Loan Mortgage Corporation “Freddie Mac,” where he led the enterprise legal, corporate secretarial and board governance functions and executed a successful organizational restructuring to create significant professional development and career advancement opportunities for employees. Prior to that, Mr. Anzaldua was EVP and General Counsel of MetLife, Inc., where he oversaw the company’s global legal operations, global compliance and government relations. Earlier, at The Hartford Financial Services Group, Ricardo served as General Counsel for the P&C company, guiding all strategic, regulatory, commercial and transactional matters across the commercial P&C, personal lines P&C, group benefits, claims and reinsurance divisions. Mr. Anzaldua’s background also includes a successful tenure at renowned global law firm, Cleary Gottlieb Steen & Hamilton LLP, where he served as Partner and Chair of the Diversity Committee.
He earned a Juris Doctor from Harvard Law School and holds a Bachelor of Arts degree from Brown University, where he studied development economics and Latin American history. Over the course of his career, Mr. Anzaldua has served as an advisor to multiple private and public company boards, including as chairman of the board of trustees for the International Institute of Rural Reconstruction, and the board of Minority Corporate Counsel Association, and currently serves on the board of the New York City Bar Fund. He is a member of both the Hispanic National Bar and American Bar Associations.
Mr. Andrade concluded, “As we welcome Ricardo, I also want to thank Brent Hoffman, our interim General Counsel, for his outstanding leadership and contributions during this transition. Brent will now resume his duties as Senior Vice President, Head of Claims and Chief Operations Officer for Everest’s Reinsurance business. I look forward to working alongside Ricardo, Brent, and our other senior leaders as we continue to create value for our shareholders, clients and colleagues.”
Everest Appoints Brent Hoffman as Interim General Counsel; Announces the Departure of Sanjoy Mukherjee
Everest Re Group, Ltd. (“Everest”) (NYSE: RE), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, announced that Brent Hoffman has been appointed interim General Counsel, replacing Sanjoy Mukherjee who will be leaving the Company to pursue other opportunities effective April 21, 2023. The Company will be conducting a search for Mr. Mukherjee’s permanent replacement.
Mr. Hoffman brings more than 25 years of extensive legal and industry experience to the role. Prior to joining Everest, he served in several senior claims and legal positions at major global (re)insurance organizations and private practice, recently as AXA XL’s Chief Claims Officer, where he led the company’s global claims strategy and operations across multiple business lines and geographies. He also served as General Counsel – Global Claims, where he led AXA XL’s in-house legal team supporting all aspects of the company’s global claims operations. Additionally, Mr. Hoffman held senior leadership positions at The Hartford Financial Services Group, Inc., overseeing claims, litigation, and settlement strategies. He received his Bachelor of Arts from Gettysburg College and a Juris Doctor from The Dickinson School of Law.
“We are grateful for Sanjoy’s years of service to Everest and wish him all the best in his future endeavors,” said Juan C. Andrade, Everest’s President and CEO. “We welcome Brent to lead our strong legal team in the interim. His deep understanding of our business, proven leadership and industry acumen make him well suited for the role. I look forward to working closely with Brent as we continue to position Everest for future opportunity.”
After his departure on April 21, Mr. Mukherjee will remain available as an advisor to Everest to assist in the transition into July 2023.
In addition to his role as interim General Counsel of Everest, Mr. Hoffman will retain his position as Head of Claims and Chief Operations Officer for the Company’s Reinsurance business.
Everest Mourns the Passing of Board Director John Arthur Weber
Everest Re Group, Ltd. (“Everest”) announced with great sorrow the December 25 passing of Everest Board Director John Arthur Weber.
“It has been an honor for me and my fellow Directors to serve alongside John,” said Joseph V. Taranto, Everest Chairman. “John’s contributions to Everest’s success over the past two decades have been invaluable. He was so proud to be part of Everest and believed deeply in our vision. Everest is a better company because of his counsel, warmth, and kind spirit. We are privileged to have had such a wonderful colleague and friend.”
Weber was elected to the Everest board of directors in 2003, serving as Chairman of the investment committee for 18 years. Over his distinguished five-decade long career as an investment analyst and manager of mutual funds and pension fund assets, Weber held a variety of roles culminating in Senior Vice President and President of State House Capital Management. He was also Chairman of Aviva Plc’s North American Investment Management group. In retirement, Weber was the managing partner of Copley Square Capital.
In addition to his professional accomplishments, Weber served in the U.S. Army as a 1st Lieutenant and tank platoon leader in an armored cavalry regiment in Vietnam. He served on the Boards of Morley Fund Management of London and Pilot Insurance of Toronto. Weber was an advocate of higher education and served as an Adjunct Instructor in Finance and Investments at both the University of Hartford and the University of Connecticut.
“We are all heartbroken by the passing of our friend and share our deepest sympathies with John’s family, including his wife Nancy, son Timothy, his grandson Nicholas and his many nieces, nephews and friends,” said Juan C. Andrade, Everest President and CEO. “John epitomized Everest’s culture. He was thoughtful, intelligent, and kind. He brought a special brand of humility and wisdom to our work together. He led an exemplary life of service and his dedication to his family, country and profession is inspiring. John’s legacy is exceptional, and he will be greatly missed and never forgotten.”
Everest Announces Preliminary Impact of Third Quarter 2022 Catastrophe Events
Everest Re Group, Ltd. announced preliminary third quarter 2022 catastrophe losses in advance of its full quarterly earnings to be released on October 26, 2022.
Everest is estimating total pre-tax net catastrophe losses of $730 million for the third quarter 2022 as detailed in the table below. All amounts are net of estimated recoveries and reinstatement premiums
For Hurricane Ian, Everest’s loss estimate is based on insured industry losses of approximately $55 billion, driven in part by the significant social inflation in Florida
For all other global catastrophe events, Everest’s loss estimate is based on insured industry losses of approximately $15 billion
Amounts in USD(millions)
ReinsuranceSegment
InsuranceSegment
Event Totals
Hurricane Ian
$
500
$
100
$
600
All Other Events
120
10
$
130
Segment Totals
$
620
$
110
$
730
“Our thoughts are with those impacted by the severe weather events across the globe. We are dedicated to supporting our customers in their time of need,” said Juan C. Andrade, President and CEO of Everest Re Group. “Hurricane Ian is likely to be the second largest hurricane driven industry loss in U.S. history. Everest’s focused execution of its diversification strategy combined with our underwriting discipline, has mitigated our total exposure to approximately 1% of our currently estimated Hurricane Ian industry loss with our reinsurance division expected to be less than 1%.”