Everest Re has announced that its Dublin-based subsidiary has been granted in-principle approval by the Central Bank of Ireland to operate as a non-life insurer in Ireland, enabling it to continue trading with the EU market following Brexit.
The unit, Everest Insurance Ireland, will be led by Stephen Cross, who will become CEO of the platform. Prior to Everest, Cross served a 17-year tenure at Aon, where he most recently held the position of chief innovation officer.
The subsidiary will initially focus on underwriting trade credit and political risk lines, although it has obtained approval to underwrite a variety of specialty commercial insurance products, including third-party liability, property and financial lines.
Commenting on the announcement, Everest Re president and CEO 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.”