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Everest eyes Australian growth

New York-listed Everest Group is looking to grow its Australian presence, President and CEO Juan Andrade told a fourth-quarter earnings call last week.

“We advanced our disciplined international strategy, led by a proven entrepreneurial team of industry leaders and local underwriting talent,” he said.

“They have accomplished a great deal in 2023, scaling our insurance platforms across Latin America, the UK and Ireland … Asia-Pacific, where our value proposition is differentiated and eagerly welcomed. We are on track for new openings this year in Colombia, in Mexico, in Australia.”

Everest, a general and specialty reinsurance underwriter, has provided few details about its plans for the Australian market since announcing last June that it had hired Scott Leney as Head of Asia-Pacific. Mr Leney, previously Marsh head of risk management for Asia and Pacific, started in November and is based in Sydney.

In the December quarter, Everest posted net income of $US804 million ($1.23 billion), up from $US496 million ($764 million) a year earlier, and operating income grew to $US1.09 billion ($1.67 billion) from $US478 million ($736 million).

The reinsurance segment achieved a 22.6% rise in gross written premium to $US2.89 billion ($4.4 billion) and the insurance segment an 11.7% increase to $US1.42 billion ($2.18 billion).

“Everest’s strong fourth-quarter performance capped off an exceptional 2023 … Everest has entered 2024 stronger and better positioned to take advantage of market opportunities,” Mr Andrade said. “This is evidenced by another well-executed and outstanding January 1 reinsurance renewal and improved primary pricing, generating excellent outcomes for our global portfolio.”