Everest Enters Into Agreement With Arrowhead
Bermuda-based Everest Re Group, Ltd.’s wholly-owned primary insurance subsidiary, Everest Security Insurance Company, [ESIC] has entered into a definitive agreement with Arrowhead General Insurance Agency, Inc., a subsidiary of Brown & Brown, Inc.
Under the terms of the agreement, ESIC will transfer certain assets associated with its non-standard automobile business to Arrowhead.
Effective April 1, 2013, all of ESIC’s employees will become employees of Arrowhead and Everest will become the exclusive underwriter of the combined non-standard automobile book of business for Arrowhead. This strategic alliance will grow Everest’s non-standard automobile business from $30 million to approximately $80 million under the combined book.
“The decision to enter into this agreement developed from Arrowhead’s longstanding relationship with Everest as it currently writes several programs with Arrowhead,” said Chris Walker, chief executive officer of Arrowhead. “This venture will allow Everest to further tap into our infrastructure and technology capabilities.”
Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Co. provides reinsurance to property and casualty insurers in both the US 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 Co. Ireland, Ltd. provides reinsurance to non-life insurers in Europe. Everest National Insurance Co. and Everest Security Insurance Co. provide property and casualty insurance to policyholders in the US. Everest Indemnity Insurance Co. offers excess and surplus lines insurance in the US. Everest Insurance Co. of Canada provides property and casualty insurance to policyholders in Canada.
Arrowhead General Insurance Agency, Inc., headquartered in San Diego, is an independent national insurance program manager for commercial, personal and specialty products with more than $800 million written premium.
