Everest Insurance® Obtains Regulatory Approval for Ireland-based Insurance Subsidiary
October 02 2017 - 10:52AM
Business Wire
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.
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Everest Global Services, Inc.Elizabeth B. Farrell,
908-604-3169Vice President, Investor Relations
Everest Re (NYSE:RE)
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