Bermuda-based reinsurer Everest Re Group Ltd. has got the go-ahead from Irish regulators for its new Dublin-based operating unit.

With permission from Irish Financial Services Regulatory Authority to operate as an authorised non-life reinsurer in Ireland, the company will be able to operate throughout the European Union (EU) under a single regulatory framework.

Everest Reinsurance Company (Ireland) Ltd., together with its direct parent, Everest Underwriting Group (Ireland) Ltd., form a hub for Everest's Continental European operations and complements its existing operations in London and Brussels, and its new operation in Cologne.

Mark de Saram, chairman of Everest Reinsurance Company (Ireland), Ltd., 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."