Christian Getzoff

Christian Getzoff inquired about the company's outlook on pricing at the 1/1 renewals, given the hurricane season to date, and whether the ADC and renewal rights sale increased appetite for new business.

Answer

Jim Williamson, President and CEO, anticipated a potential 10% price decrease at 1/1, but still viewed the business as well-priced. He clarified that capital constraints were not a factor in growth decisions, which are driven by market dynamics and alternative capital deployment opportunities.

Christian Getzoff asked if Everest Group's game plan for increasing the international component of its primary insurance book has changed due to the renewal rights and new wholesale/specialty focus, inquiring about organic growth runway and potential M&A. He also asked about pricing at 1/1 renewals and if the ADC/renewal rights sale increases appetite for new business.

Answer

Jim Williamson, President and CEO, clarified that international retail growth will be blunted for strategic reasons, but sees organic growth opportunities in wholesale/specialty with fewer investments. M&A is possible for 'bolting on capabilities.' Regarding 1/1 renewals, Mr. Williamson expects prices to decrease by about 10% but remain well-priced. He stated that capital constraints were never an issue and are not a factor in determining CAT appetite; it's driven by market dynamics and other capital deployment opportunities.