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CEO: Everest Re not relying on M&A to achieve goals

Written by Jasir Jawaid

Consolidation in the reinsurance space should not have any "major impacts" on Everest Re Group Ltd., and the company does not plan to achieve its strategic objective by way of acquisitions, the company's top executive said July 28.

A number of reinsurers have recently gotten hitched or are in the process of trying to get together. Perhaps most notable is the pending merger of equals between PartnerRe Ltd. and AXIS Capital Holdings Ltd. In addition, RenaissanceRe Holdings Ltd. closed its acquisition of Platinum Underwriters Holdings Ltd. in March, and XL Group Plc completed its deal for Catlin Group Ltd. in May.

Speaking on an earnings call, President and CEO Dominic Addesso said that if his company were to look at opportunities, it would be on the insurance side. He stressed, however, that Everest Re's "natural preference is to build our own organization that matches our risk appetite, avoiding the cultural and any legacy issues that could arise from an acquisition."

"We can't rely on an acquisition strategy to further our insurance objective," Addesso said.

In addition, Chief Underwriting Officer John Doucette said Everest Re is in the process of establishing a Lloyd's syndicate. The company is targeting an early-2016 launch pending approval.

This article was published by S&P Global Market Intelligence on the S&P Capital IQ Pro platform.


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