10 May 2016News

Everest Re forms Alternative Solution Group

Everest Re Group has launched the Alternative Solution Group at Everest Specialty Underwriters, a division of Everest Insurance.

The Alternative Solutions Group offers transactional risk insurance as well as professional and management liability insurance on both a primary and excess basis to private equity firms and hedge funds.

Robert Clark has been appointed to the position of vice president (VP) to head up this new unit. Clark joined Everest in late 2015 from Axis Insurance Company, where he was VP of the Private Equity Group. Before that, he worked for Moody’s Investor Service as an analyst for the property and casualty insurance team, which included responsibility for a portfolio of insurance broker credits that were purchased in private equity sponsored transactions.

“We are excited to have Robert leading the Alternative Solution Group as we continue to strive to be a premier provider of innovative insurance solutions for alternative asset managers,” said Michael Karmilowicz, head of Everest Specialty Underwriters.

“We continue to increase our footprint in the alternative asset management arena via private equity, hedge fund, and transactional risk solutions. Robert’s comprehensive background, and years of experience in the areas of financial analysis and underwriting, brings critical insight to Everest’s expanding portfolio in this space.”

Jonathan Zaffino, president of Everest Insurance North America, added: “The Everest platform continues to enhance its specialisation via its focus on the development of innovative solutions for targeted industry groups.

“We are pleased to offer our latest customised offerings to the alternative asset management community through Everest Specialty Underwriters. The Everest balance sheet and its solid financial ratings allow us to bring meaningful capacity and bespoke solutions to our valued trading partners and our alternative asset management clients within the North America market."