Everest Re gets permission for Dublin-based subsidiary

Everest Re Group has announced that it is to operate as an authorised non-life insurer in Ireland after it was granted in-principle approval by the Central Bank of Ireland.

Everest Insurance Ireland, dac (EIID), will be based in Dublin and will enable the re/insurer to operate throughout the European Union under a single regulatory framework after Brexit.

Stephen Cross will lead the operation as the chief executive officer of EIID. Cross most recently served as chief innovation officer at Aon. He has over 35 years of global experience, having held multiple roles across underwriting, risk consulting and advisory, broking, captive management and, data & analytics.

“Everest has operated as a reinsurer in Ireland since 2009,” said Dominic Addesso, president and CEO of Everest Re Group. “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.

Everest Re said that EIID will initially focus on underwriting trade credit and political risk insurance. It has obtained approval to underwrite a variety of specialty commercial insurance products, including third party liability, property and financial lines.