Everest Re Group has opened a newly capitalized speciality insurer to provide certainty to clients in a post Brexit environment.
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.
Minister for Business Frances Fitzgerald: "Ireland is now a major player and a very attractive location for international financial services companies from all over the world. We have the skills and structures to support new projects and to welcome new investors. The government has been making strenuous efforts to ensure that we have the right conditions, especially skills availability, in place in Ireland to attract the knowledge based sectors and investments."
Stephen Cross CEO of EIID: “Ireland was an easy choice for Everest as we have a highly successful reinsurance company in operation here since 2009. The regulatory framework and ability to operate under the freedom of services directive provides options and certainty for Everest’s clients. This is a natural expansion of our international insurance offerings and complementary to our Lloyds' syndicate which was established 2 years ago.”
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 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) 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.