Everest picks Ireland for EU subsidiary; hires Aon exec as head
Bermuda-based holding company Everest Re Group has been granted in-principle approval by the Central Bank of Ireland to operate as an authorised non-life insurer in Ireland.
The new Dublin-based subsidiary, to be named Everest Insurance Ireland, dac (EIID), will enable the re/insurer to operate throughout the European Union (EU) under a single regulatory framework after Brexit.
To lead the operation, Everest has appointed Stephen Cross 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.
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.
Dominic Addesso, president and chief executive officer of Everest Re Group, commented: "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," Addesso added.
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