Bermuda-based re/insurer Everest Group, Ltd. has announced its expansion into the Italian market, following regulatory approval to operate in the country under the name Everest Insurance (Ireland) DAC, Succursale Italiana.
The launch in Italy follows Everest’s recent expansion into other key international markets, including Australia, Colombia and Mexico.
Headquartered in Milan, the operations are currently led by José Ramón Morales, Head of Southern Europe, Everest Insurance International.
Véronique Brionne, Senior Vice President, Head of Europe, Everest Insurance International, commented, “Italy is among Europe’s largest economies, and a key market as we continue to scale throughout the continent.
“We are bringing Everest’s value proposition, including dedicated local expertise, tailored risk solutions and best-in-class service, to meet the evolving needs of businesses in the region.”
Adam Clifford, co-lead of Everest Insurance International, added, “As we deepen our European presence, Everest’s strength as a global powerhouse, combined with our localised expertise, best positions us to fill certain gaps that exist in the Italian market for bespoke solutions and enduring partnerships.
“I look forward to working with our exceptional local team to meet the distinct needs of Italian brokers and clients.”
In its Q3 2024 results, Everest reported an underwriting income of $272 million, driven by its reinsurance business’s strong performance despite elevated catastrophe losses.
Meanwhile, net income in the period was $509 million and operating income was $630 million, compared with $678 million and $613 million, respectively, in Q3 2023.
Group-wide, gross written premium grew 0.6% to $4.4 billion, driven by 1.7% growth in reinsurance, offset by a decline of 2.1% for the insurance segment.
In the firm’s Q3 earnings call, executives said that they expect property catastrophe reinsurance pricing in the US and Europe to be up by as much as 10% heading into the January 1st, 2025, renewals, following the impacts of hurricanes Helene and Milton in Florida and the severe flooding seen in parts of Europe.
