Everest Re plots brand refresh to capture pivot towards primary lines
Global re/insurer Everest Re Group will tip its image and marketing towards its increasingly universal profile and away from its reinsurance origins, asking shareholders to approve a name change to "better reflect the full diversity of operations" worldwide.
The time has come to shed Everest Re's close association with just reinsurance and toss the "Re" from the title, management said in justifying a name change proposal to be voted by shareholders at a May 17 general meeting. Upon approval, Everest Re Group becomes Everest Group and the stock exchange ticker switches from RE to EG.
“The name change proposal reflects Everest’s positioning and commitment to underwrite opportunity for colleagues, customers, shareholders and communities worldwide, across both its insurance and reinsurance platforms,” the board wrote in its proposal that shareholders back the move.
“Because of the association of the word “Re” with reinsurance, the Board believes that the current name of Everest Re Group no longer accurately reflects the full diversity of operations of the Company, and that the proposed name change will better align with the company’s refreshed brand and strategic evolution.”
An ongoing strategic plan had called for growth tilted quite heavily towards primary insurance over the still-dominant reinsurance business.
Three-year compound average growth rates for GWP in primary insurance was to hit a range of 18-22% while reinsurance was to target 8 to 12% CAGR growth, a strategy presentation indicated.
Between 2018 and 2022, primary insurance rose as a percentage of the whole business from 27 to 33%, financial results have shown.
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