Everest Obtains Regulatory Approval For Ireland
Bermuda-based Everest Re Group, Ltd. announced 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], continues the expansion of the Everest Insurance® franchise, and enables the Company to operate throughout the European Union [EU] under a single regulatory framework.
Commenting on the announcement, Dominic J. Addesso, President and Chief Executive Officer of Everest Re Group, Ltd., stated “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.”
Mr. Addesso further commented, “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.”
To lead the operation, Everest has appointed Stephen Cross as the Chief Executive Officer of Everest Insurance Ireland, dac [EIID]. Stephen brings over 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. EIID’s initial and immediate focus will be the underwriting of trade credit and political risk insurance.
