Everest Reinsurance move hailed as ‘significant endorsement’ for Ireland

INTERNATIONAL property and casualty reinsurance firm Everest Reinsurance has announced the establishment of a Dublin office, in a move backed by the Government and IDA Ireland.

Everest operates through a number of subsidiaries specialising in underwriting of reinsurance and insurance in the US and other international markets.

The company is ranked as one of the 10 leading reinsurance companies in the world, employing 850 people in its main subsidiaries in the US and Bermuda, as well as in London, Toronto, Brussels, Singapore and Rio de Janeiro. The new Irish operation will focus on non-life reinsurance in Ireland and throughout the European marketplace, including Germany, France, Spain and Italy.

Mark de Saram, chairman of Everest’s Irish operation, said: “With over 30 years’ experience operating on the European continent, Everest is recognised for underwriting and service excellence.

“Our Irish company enhances our position in this important market and increases our operating flexibility by giving our customers access to our highly -rated security through a European Union-regulated company.”

Minister for Enterprise, Trade and Employment Mary Coughlan said it was “a significant endorsement” of Ireland’s position as a leading location for international reinsurance activities.

“Everest is one of the world’s leading reinsurance companies and possesses strong brand recognition within the reinsurance industry. The choice by companies of the calibre of Everest to locate their operations in Ireland demonstrates that Ireland is open for business, with the capability to meet the requirements of world-leading corporations,” she added.

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