Everest Insurance confirms Fobert hire as US retail casualty and industry practices head
Everest Insurance has appointed Joe Fobert as head of U.S. retail casualty and industry practices, following his departure from Chubb. Fobert brings over 30 years of underwriting experience, having previously held leadership roles at AIG and Crum & Forster. His appointment comes amid Everest's recent $1.7 billion reserve charge related to its casualty business, which included significant adjustments to prior-year loss reserves and current accident year losses.
By Chris Munro
March 31 - (The Insurer) - Everest Insurance has confirmed the hire of Joe Fobert from Chubb, with the recruit appointed head of U.S. retail casualty and industry practices. The announcement comes after The Insurer exclusively reported in January that Fobert had resigned from his role at Chubb as head of excess casualty major accounts to join Everest.
At Chubb, Fobert also served the carrier as chairman of its global casualty product board.
In a statement, Everest said Fobert brings more than three decades of commercial underwriting expertise to the company.
Prior to joining Chubb in 2013, Fobert held casualty and risk management leadership roles of increasing responsibility at AIG and Crum & Forster.
Having joined Everest Insurance, Fobert reports to William Hazelton, executive vice president and president of North America insurance.
Hazelton said Fobert’s “deep expertise in large account excess casualty lines, strategic vision and collaborative leadership, make him the ideal choice to lead the ongoing transformation of our U.S. casualty portfolio.”
Everest’s casualty business across both its insurance and reinsurance portfolios has been in the spotlight recently after the Bermudian company announced a $1.7 billion reserve charge in its Q4 and full-year 2024 earnings.
That charge included $1.5 billion of unfavorable development of prior-year loss reserves and a further $229 million of current accident year 2024 strengthening.
Everest Insurance strengthened its prior-year U.S. casualty reserves by $1.1 billion and also increased its current accident year losses in U.S. casualty lines by $206 million, totaling $1.3 billion for the full year and fourth quarter 2024.
Its reinsurance division strengthened its prior-year U.S. casualty reserves by $684 million for the full year and fourth quarter 2024.
