Everest Insurance’s fine-tuning
After several years of rapid growth in terms of its headcount and product offering, Everest Insurance North America, the specialty insurance operation of the Everest Re Group, has entered a period of fine-tuning the business and executing as the rewards of the expansion start to filter through, Mike Mulray, chief underwriting officer of the business, told PCI Today.
Some four years ago, the company made a decision to invest in growing Everest Insurance through an organic growth strategy. This involved a significant investment in new talent across the company and the development of a number of new specialty insurance products, boosting its growth.
“We have completed the build-out phase, we are now executing and we are starting to see the benefits filter through in the P/L,” Mulray said.
“The good thing is that because our growth has been purely organic, we have retained client focus. There has been no disruption because of acquisitions.”
He said the process has also meant restricting capacity in some areas that were unprofitable. For example, it has moved out of non-standard auto business, which no longer met its expectations for returns.
“This was a big line but exiting it showed our discipline,” Mulray said.
In terms of where he sees opportunities for growth, he said risk management casualty business in the US looks promising, as do lines including political risk, trade credit risk and reps and its warranties business.
Everest is also seeing opportunities in the European market since it formed a subsidiary in Dublin, Everest Insurance Ireland, a year ago. Mulray said this is partly because of the shake-up occurring at Lloyd’s where uncertainty around the capacity available in certain areas next year has forced brokers to seek alternative solutions.
“There has been a knock-on effect where a combination of that and Brexit has caused uncertainly in the market. We are seeing opportunities as a result of both,” he said.
Since the expansion, the company is now relevant to a wider range of clients.
“We do not want to be everything to everyone but we have something for everyone,” he said. “We will remain focused on our clients and nimble in our execution.”
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