Everest Re Group Ltd. 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), enables the company to operate throughout the European Union under a single, regulatory framework.
“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,” commented Dominic J. Addesso, president and chief executive officer of Everest Re Group.
“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,” he added. “Establishing this platform is an important milestone in executing our strategy.”
To lead the Irish operation, Everest has appointed Stephen Cross as chief executive officer. Cross brings more than 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, said Everest Re, noting that EIID’s initial focus will be the underwriting of trade credit and political risk insurance.
Source: Everest Re Group Ltd.
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