Everest Reinsurance, the reinsurance arm of Everest Group, has appointed Alex Haines (pictured above) as global head of engineering.
He will report to Emily Davis, head of the company’s global specialties division, which includes aviation, marine, cyber, engineering, and parametric solutions.
Haines joins Everest with over 20 years of experience in the construction and engineering sectors across both underwriting and broking. He most recently served as managing director and head of construction and engineering at Guy Carpenter. His previous roles include leadership positions at Willis Towers Watson and MAPFRE.
In his new position, Haines will oversee the strategic direction and operations of Everest’s global engineering portfolio.
Davis said that the appointment aligns with Everest's continued investment in its specialty reinsurance businesses.
In other recent developments, Everest Group announced the appointment of John Howard as an independent, non-executive member of its board of directors, effective immediately.
Howard has more than 30 years of experience in the insurance sector and in senior executive roles across the financial services industry. Most recently, he served as CEO of Truist Insurance Holdings (TIH), where he held various leadership roles over a 20-year period with the company and its affiliates.
Earlier this year, Everest also reported US$1.7 billion in unfavorable prior-year casualty loss development.
In its preliminary results for the previous year, the Bermuda-based reinsurance and insurance company expects full-year 2024 net income between US$1.3 billion and US$1.4 billion, with non-GAAP net operating income projected between US$1.2 billion and US$1.3 billion.
The financial results reflect a US$1.5 billion unfavorable development in prior-year loss reserves. An additional US$229 million in current accident year strengthening brought total reserve strengthening to US$1.7 billion for both the full year and fourth quarter.
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