so much more that can be done in the Canadian market

Market is ‘underdeveloped in some areas’, Everest Insurance Canada CEO says

Renato Rodrigues, recently appointed as the President and CEO of Everest Insurance Company of Canada, is enthusiastic about establishing a more refined presence in a market with substantial potential.

Rodrigues expressed his excitement about the Canadian market, mentioning its maturity while acknowledging areas that remain underdeveloped. His goal is to leverage his expertise and position to expand Everest’s operations in Canada and to share his perspectives on the current market dynamics.

A Shift to the Canadian Market Before assuming his role in Canada, Rodrigues managed AXA XL’s Latin American division in his home country of Brazil. Seeking a more mature market ripe with fresh opportunities, Rodrigues eventually chose to relocate to Canada, a decision influenced by his aspiration for growth.

Navigating COVID-related limitations, Rodrigues remotely managed Everest’s Canadian operations from Brazil for nine months. Despite the challenges, he made the transition from Sao Paulo to Toronto to immerse himself more fully in the Canadian business landscape.

Opportunities for Expansion: Aviation and More A key expansion area for Rodrigues and Everest is the aviation sector, where the company aims to strengthen its product offerings.

Hiring a leader for the aviation sector, Everest plans to build a robust offering in Canada. Rodrigues highlighted the shared emphasis on resource-driven economies between Canada and Brazil, which informs their approach to creating enhanced market coverage.

The Approach to Industry Changes Rodrigues expressed a strategic shift toward assertiveness in market engagement, particularly in verticals like mining and energy. The company’s focus lies in bundling innovative solutions for clients, backed by expertise aligned with specific business appetites.

ESG’s Impact and Market Trends Rodrigues recognized the impact of environmental, social, and governance (ESG) considerations, leading to evolving client opportunities and capacity constraints. Everest now assists its insureds in transitioning to sustainable energy practices, aligning with the nation’s trend towards corporate responsibility.

Market Challenges and Insights Rodrigues acknowledged the challenge of inflation-driven price increases affecting the insurance market and the need for appropriate rate adjustments. He pointed out the growing impact of cyber risks, including ransomware and data breaches, which contribute to changes in capacity and policy exclusions.

In sum, Rodrigues’ strategic vision revolves around elevating Everest’s presence in Canada by addressing untapped potential, adapting to market trends, and responding effectively to emerging challenges.

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