Everest Re Group President and CEO Juan Andrade just got a big vote of confidence from his company’s board of directors.

Andrade’s contract at the Bermuda-based insurer and reinsurer has been extended through the end of 2023, with automatic annual extensions following this term.

Andrade, previously executive vice president of Chubb Group and president of its overseas general insurance business, joined Everest Re in August 2019 as Chief Operating Officer, succeeding Dominic Addesso as President and CEO in January 2020.

“In the past 24 months as Everest’s CEO, [Andrade] has made exceptional progress positioning the company for long-term profitable growth,” Everest Chairman Joseph Taranto said in prepared remarks. “We have the utmost confidence in [his] ability to lead Everest through its next phase of evolution and success.”

Everest Re booked $984.4 million in net income through the 2021 third quarter, versus $450.5 million over the same period in 2020.

For the 2021 third quarter, the company lost $73.5 million, versus $243.1 million last year.

Everest Re’s gross written premium reached $9.6 billion through the first nine months of 2021, up more than 24 percent from over $7.7 billion in gross written premium the year before. Net written premium year-to-date hit nearly $8.4 billion, close to 26 percent higher than the nearly $6.7 billion booked through the first nine months of 2020.

Everest Re’s combined ratio year-to-date is 100.1, compared to 100.6 through Q3 2020. Its 2021 third quarter combined ratio hit 112.2, compared to 105.2 in Q3 2020.

Source: Everest Re