Daily Digest: Everest sharpens specialty focus, IUA’s Shaw on claims, Melissa to hit Jamaica as cat 5

Everest refocuses with renewal rights deal and $1.2bn reserve cover Bermuda-based Everest Group has unveiled a $1.2bn adverse development cover for US casualty insurance portfolio and agreed to sell the renewal rights to its global commercial retail insurance book to AIG. Everest Group described the moves as “decisive steps” to define the company’s strategic direction and “position the company for improved performance”. The announcement came as the company reported operating income halved in the third quarter of the year as the group added more than $500m to its US casualty reserves.