To be known as Everest Insurance Ireland dac (EIID), the entity continues Everest Insurance’s franchise expansion and allows European Union operation under a single regulatory framework.
Everest Re Group CEO Dominic Addesso, “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. 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.”
Everest, based in British island territory Bermuda, has appointed former Aon chief innovation officer Stephen Cross as EIID chief executive.
EIID – whose immediate focus will be the underwriting of trade credit and political risk insurance – has obtained approval to underwrite a variety of specialty commercial insurance products, including third party liability, property, and financial lines.