Middle market property, a new commercial property insurance product designed to serve the unique and unmet needs of middle market customers, has been launched by Everest Re’s insurance division.

Everest Re Group Ltd. Is a global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in Bermuda, the United States, Europe, Singapore, Canada and other territories.

The launch positions the company to meet what they see as a growing middle market demand for tailored risk management programmes that match the size and scale of their operations.

It is the latest in a series of strategic steps that deepen Everest’s segment expertise with distinct, specialised products and services.

Erik Nikodem, global head of property for Everest Insurance, said: “Middle market companies are responsible for approximately one third of private sector GDP in the United States and deserve better than a ‘one size fits all’ approach.

“Everest’s new middle market property product fills a void for midsized companies and delivers the simplified experience and direct relationship they need in today’s complex environment.

“Our bespoke, single-carrier coverage solutions give clients in industries like healthcare, education and technology more certainty and resilience to help them grow.”

As part of the company’s strategic investment in the middle market, Everest also announced that Ross Kerr will lead as head of middle market property, reporting directly to Erik Nikodem.

The company said he will focus on building upon the organisation’s deep domain expertise and further simplifying the experience to meet the nuanced, evolving needs of midsized companies.

Mr Kerr joined Everest’s property team in December 2021 after spending 12 years in commercial property insurance at Arch Insurance Group, Swiss Re, Berkshire Hathaway and RT Specialty.

Everest said he is uniquely suited to bring the necessary innovation and collaboration needed to meet the evolving needs of middle market customers.

Everest said its new middle market property product will be written on the flexible Everest Pinnacle property form, enabling US clients across real estate, healthcare, technology, manufacturing, hospitality, financial services and others to place their entire property coverage with a single carrier, and offers coverage of up to $350 million in capacity provided by Everest.