Everest Specialty Underwriters said it has formed a new division, Alternative Solution Group, to offers transactional risk insurance as well as professional and management liability insurance on both a primary and excess basis to private equity firms and hedge funds.
Robert Clark has been appointed to the position of vice president to head up this new unit in New York. Clark joined Everest in late 2015 from Axis Insurance Co., where he was vice president of the private equity group. Prior to that, he worked for Moody’s Investor Service as an analyst for the property/casualty insurance team, which included responsibility for a portfolio of insurance broker credits that were purchased in private equity sponsored transactions.
Michael Karmilowicz, head of Everest Specialty Underwriters, said the firm continues to increase its footprint in the alternative asset management arena via private equity, hedge fund and transactional risk products.
Everest Specialty Underwriters specializes in insurance for the security broker/dealer industry, insurance agents, asset managers, and the banking and insurance industries. It is a subsidiary of Everest Re Group, Ltd., a Bermuda holding company.
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