Everest Insurance, the insurance division of Everest Re Group, has received regulatory approval from the Monetary Authority of Singapore to operate in the market, marking the company’s official entry into the Asian region.
Doing business under the name Everest Insurance Singapore, the entity will be headquartered in Singapore and will be led by Ben Carey, senior vice president and regional head of insurance in Asia. It has also built a team of seasoned underwriters to provide insurance services in key sectors, including commercial property, energy/power and construction, casualty, financial lines, accident and health.
“The insurance market in Asia is rapidly evolving and presents a significant opportunity to bring to this region the financial strength, underwriting discipline, and innovation Everest Insurance is known for delivering,” Carey said. “Our office in Singapore has an agile, collaborative culture that will enhance the reputation Everest has earned for its superior customer service and vast underwriting expertise. Backed by the power of Everest’s financial strength and expanding global network, we are well-positioned to provide clients and brokers with the solutions and local service they need, delivered with consistency and reliability. I look forward to growing our global footprint across Asia.”
“As part of our international growth strategy, we are excited to bring the underwriting expertise and a set of core P&C product offerings to this region,” said Adam Clifford, co-lead of Everest Insurance International. “We have identified an opportunity in the marketplace in Asia and, as part of our Everest Insurance International expansion, we are poised to bring a credible market offering to Asia to help our clients and brokers.”