HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 2, 2017--
Everest Re Group, Ltd. (NYSE:RE) announced today that its Dublin-based
subsidiary has been granted authorization in principle by the Central
Bank of Ireland to operate as an authorized non-life insurer in Ireland.
This entity, to be named Everest Insurance Ireland, dac (EIID),
continues the expansion of the Everest Insurance® franchise,
and enables the Company to operate throughout the European Union (EU)
under a single regulatory framework.
Commenting on the announcement, Dominic J. Addesso, President and Chief
Executive Officer of Everest Re Group, Ltd., stated “Everest has
operated as a reinsurer in Ireland since 2009. The robust regulatory
environment, stable economy and highly educated talent pool make Ireland
an excellent choice for Everest, providing additional options for our
global insurance clients, in an increasingly complex and interconnected
world.”
Mr. Addesso further commented, “Our new Irish insurance platform will
complement our North American Insurance operations and our Lloyd’s
Syndicate and enable Everest to serve clients through insurance
transactions originating in the European Union. Establishing this
platform is an important milestone in executing our strategy.”
To lead the operation, Everest has appointed Stephen Cross as the Chief
Executive Officer of Everest Insurance Ireland, dac (EIID). Stephen
brings over 35 years of global experience, having held multiple roles
across underwriting, risk consulting and advisory, broking, captive
management and, data & analytics. Most recently, he served as Chief
Innovation Officer at Aon.
As an expansion of the Everest Insurance® global insurance
platform, EIID has obtained approval to underwrite a variety of
specialty commercial insurance products, including third party
liability, property and financial lines. EIID’s initial and immediate
focus will be the underwriting of trade credit and political risk
insurance.
Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), dac. provides
reinsurance to non-life insurers in Europe. Everest Insurance®
refers to the primary insurance operations of Everest Re Group, Ltd.,
and its affiliated companies which offer property, casualty and
specialty lines insurance on both an admitted and non-admitted basis in
the U.S. and internationally. The Company also operates within the
Lloyd's insurance market through Syndicate 2786. In addition, through
Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized
by the Company and third party investors that provide reinsurance for
property catastrophe risks. Additional information on Everest Re Group
companies can be found at the Group’s web site at www.everestregroup.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171002006004/en/
Source: Everest Re Group, Ltd.
Everest Global Services, Inc.
Elizabeth B. Farrell, 908-604-3169
Vice
President, Investor Relations