Tánaiste and IDA Ireland welcomes new European insurance platform for Everest Re Group (Ltd) in Dublin
Everest Insurance Ireland, dac (EIID), enables the Company to operate throughout the European Union (EU) under a single regulatory framework.
Dublin 20th Oct. 2017—An Tánaiste & Minister for Business, Enterprise and Innovation Frances Fitzgerald TD and IDA Ireland today welcomed the news that the Everest Re Group, Ltd. (NYSE:RE) has opened a newly capitalized speciality insurer to provide certainty to clients in a post Brexit environment. This entity, to be named Everest Insurance Ireland, dac (EIID), continues the expansion of the Everest Insurance® franchise, and enables the Company to operate throughout the European Union (EU) under a single regulatory framework.
Welcoming the announcement, An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD, said: "Ireland is now a major player and a very attractive location for international Financial Services companies from all over the world. We have the skills and structures to support new projects and to welcome new investors. Everest Re Group’s decision to establish some of its speciality insurance business here is an important landmark and I look forward to their development of an ongoing mutually beneficial business relationship with Ireland. The Government has been making strenuous efforts to ensure that we have the right conditions, especially skills availability, in place in Ireland to attract the knowledge based sectors and investments like this one by Everest Re Group are a vindication of those policies".
Michael D’Arcy TD, Minister of State at the Department of Finance & Department of Public Expenditure and Reform said: “It’s great to see a company of the calibre of Everest Re Group establish further operations in Dublin. As a world leader in reinsurance, its decision to locate here sends out a strong message that Ireland is an excellent location with all of the required criteria for business of this sort. I welcome Everest Insurance Ireland, dac and wish them every success here.”
Stephen Cross CEO of Everest Insurance Ireland, dac (EIID) said: “Ireland was an easy choice for Everest as we have a highly successful Reinsurance Company in operation here since 2009. Equally, the regulatory framework and ability to operate under the freedom of services directive provides options and certainty for Everest’s clients moving forward. This is a natural expansion of our International Insurance offerings and complementary to our Lloyds syndicate which was established approximately 2 years ago. Cross added “Since joining Everest in June, the journey was made easier with the guidance provided by the IDA and the highly professional and systematic approach of the Central Bank of Ireland team throughout the licensing process.”
Commenting on the announcement Martin Shanahan, CEO, IDA Ireland said “Everest Re Group’s choice of Dublin for this operation shows that financial services companies can establish here quickly in order to provide continuity of service to their customers post-Brexit. Ireland has the right mix of regulation, skills, experience and office space to make us a very logical place for financial services to locate.”
As an expansion of the Everest Insurance® global insurance platform, EIID has obtained approval to underwrite a variety of specialty commercial insurance products, including third party liability, property and financial lines.
EIID’s initial and immediate focus will be the underwriting of trade credit and political risk insurance.
About Everest Re Group, Ltd:
Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), dac. provides reinsurance to non-life insurers in Europe. Everest Insurance® refers to the primary insurance operations of Everest Re Group, Ltd., and its affiliated companies which offer property, casualty and specialty lines insurance on both an admitted and non-admitted basis in the U.S. and internationally. The Company also operates within the Lloyd's insurance market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized by the Company and third party investors that provide reinsurance for property catastrophe risks. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestregroup.com.
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