Everest expands contingency business
Everest Insurance, the diversified speciality insurance division of Everest Re Group Ltd, is expanding its global contingency business.
Since 2013, Everest Insurance, through its Specialty Insurance Group, has been a growing in the contingency space, offering “a variety of solutions” for event cancellation, non-appearance, and several other customised contingency insurance coverages.
Everest Insurance is expanding and coordinating this underwriting expertise across its global footprint.
Lowery Robinson, vice-president of Everest Contingency said: “By pulling together our various platforms under one umbrella Everest can expedite and efficiently deploy our capital and underwriting expertise to structure innovative solutions for our clients. We will now operate with a single face to the market, with industry leading capacity coupled with deep expertise, and a unique and wide-ranging set of proprietary analytic tools.”
Mike Karmilowicz, head of the Everest Specialty Underwriters unit of Everest Insurance, said: “With Everest’s strong balance sheet, broad geographic reach, solution oriented underwriters, and significant capacity — as high as $100 million — we are well positioned to support our clients’ needs regardless of size, complexity, or geography.
“The alignment that we are announcing today is yet another example in our growing roster of industry-specific solutions, solidifying our position as a global leader in this complex, speciality area. The recent launch of our Everlink special event portal in the United States is just one example of the continued innovation you should expect to see from Everest.”
Paul Kneafsey, active underwriter, Everest Syndicate 2786, said: “We look forward to furthering our collaboration with our Everest colleagues across the globe to bring our differentiated capacity and capabilities where they are needed most. The contingency market remains an attractive growth area for Everest. Our presence at Lloyd’s, a critical distribution hub for contingency business, will enable our continued success in this area”.
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