“Approximately 60% of this portfolio will renew in the first half of 2026.”

In context

“effective dates prior to December 31, 2025, and we will not assume any liabilities for any of the policies previously underwritten by Everest. Everest employees will remain with Everest Group, though in certain geographies and businesses, we will work with Everest to offer opportunities to select staff members. We've also entered into a transition service agreement with defined service levels to ensure continuity for clients and brokers as the portfolio is transferred to AIG. In terms of the portfolio, it's well diversified across geographies and classes of business. The largest portion of the in-force eligible gross premiums written is in the United States at $1.3 billion, followed by Europe at $400 million, the U.K. at $150 million, Australia at $80 million and Singapore at $70 million. Approximately 60% of this portfolio will renew in the first half of 2026. Canada, Latin America and certain lines of business, including aviation, surety and wholesale are specifically excluded. From a business mix perspective, the portfolio is approximately 40% Casualty, 30% Property, 25% Financial Lines with the balance being Specialty classes. Everest's view, as stated on their earnings call, is that there was no further re-underwriting of the Casualty portfolio required and 80% of the adverse development in their Casualty portfolio in the back years are from policies that have not been renewed. We will complete our own assessment, but believe they've done a very good job of remediating the portfolio. We have extensive experience repositioning portfolios, particularly in Casualty. It's my view that we have the best casualty underwriters in the business. And”