In response to the UK’s vote to leave the European Union (EU) and to support expansion plans, Everest Re Group, Ltd. has announced that its Dublin-based subsidiary has received authorisation in principle to operate as a non-life insurer in Ireland.
The new unit will be led by Stephen Cross, who has been named Chief Executive Officer (CEO) of Everest Insurance Ireland, dac (EIID). Cross joins the company from global re/insurance broker Aon, where he was most recently Chief Innovation Officer.
The new unit in Ireland enables Everest to continue operating throughout the EU post-Brexit, providing its clients with continuity, something a number of firms have done since the UK’s Brexit vote.
Commenting on the new unit, Dominic Addesso, President and Chief Executive Officer (CEO) of Everest Re Group, Ltd., said; “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.”
The new Irish division of Everest has been approved to write a range of specialty commercial insurance solutions, which includes third party liability, property, and also financial lines. According to an announcement from Everest, the new unit will initially focus on underwriting trade credit and political risk insurance.
