Everest Re Group Ltd.'s subsidiary Everest Reinsurance Co. has been approved as an admitted property and casualty reinsurer in Brazil.

The approval by the Brazilian insurance regulator, SUSEP (Superintendencia de Seguros Privados) allows Everest to enhance its long-established position in the Latin American market.

In a statement released yesterday, Everest said it will be able to be more flexibile to satisfy the growing needs of its clients through a diverse array of treaty and facultative reinsurance products in property and casualty lines, including property, engineering, general and professional liability, surety, personal accident, health, marine and aviation.

Everest has more than 30 years of experience in the Brazilian reinsurance market.