Bermuda-based carrier Mereo Insurance Limited (Mereo) has expanded into the excess casualty insurance space with the acquisition of Everen Specialty Ltd.’s (ESL) excess casualty energy portfolio renewal rights
ESL is a member of the Everen Group and a Bermuda-domiciled global insurer for energy markets. As per the terms of the transaction, Mereo will become the insurance carrier on a go-forward basis for both new and renewed business effective June 1st, 2026.
Additionally, ESL’s underwriting team and underwriting systems handling the excess casualty energy portfolio will transition to Mereo, and be led by former ESL Chief Underwriting Officer, Carla Greaves.
Mereo will provide ESL insureds with continuity of coverage, access to AM Best “A- rated” paper, and the support of its strong capital base.
The pair are working closely together to ensure that renewed policies are transitioned seamlessly on or before June 1st, 2026, while existing broker and client relationships aim to be supported by a coordinated handover plan.
ESL will be in charge of service claims, ensuring that insureds continue to benefit from its “prompt, transparent, and fair approach to claims servicing.”
The transaction aligns with Mereo’s long-term strategy to become a leading next-generation global insurance and reinsurance platform by bridging the traditional insurance market with capital markets.
David Croom-Johnson, President and Chief Executive Officer (CEO), Mereo Insurance Limited, commented, “This transaction is a strong strategic fit for Mereo and underscores our commitment to providing durable capacity and consistent, high-quality service to the energy market.
“We are pleased to welcome the experienced ESL underwriting team and to work in close partnership with the Everen Group to deliver a smooth transition for brokers and clients ahead of June 1 renewals.
“We see this as a mutually beneficial, long-term relationship, building on ESL’s 40-year track record in the Bermuda market, a solid portfolio of business, and an experienced team of underwriters.”
Robert Foskey, President and CEO, Everen Group, added, “This is an important milestone, and we are pleased that Mereo will carry the ESL Excess Casualty Energy portfolio forward.
“Our priorities throughout have been clear: continuity for the insureds who rely on large casualty limits, a soft landing for the ESL underwriting team, and a partner who will hold to the standards of service our insureds expect.
“As a Bermuda-based company invested in the long-term strength of this market, we are equally pleased that the transaction keeps meaningful excess liability capacity on-island.”
