Specialty re/insurer Mereo Insurance has struck a renewal rights deal with Everen Specialty Ltd. (ESL), a member of the Everen Group, to take over its Excess Casualty Energy portfolio.
The transaction that will see the Bermuda-based carrier absorb ESL's underwriting team and assume go-forward responsibility for a long-standing casualty book.
Mereo will become the carrier for new and renewed business effective June 1, 2026. ESL's underwriting team and underwriting systems supporting the portfolio will transition to Mereo, led by former ESL chief underwriting officer Carla Greaves.
"This transaction is a strong strategic fit for Mereo and underscores our commitment to providing durable capacity and consistent, high-quality service to the energy market," said David Croom-Johnson, president and CEO of Mereo Insurance Limited.
Under the agreement, ESL insureds will retain continuity of coverage, gain access to AM Best "A- rated" paper, and benefit from Mereo's capital base, while ESL continues to service claims for the transferred business.
The carrier framed the move as part of its broader push to build a next-generation global insurance and reinsurance platform that bridges the traditional insurance market with capital markets.
The deal adds to Mereo's underwriting footprint, which spans roughly 25 lines of property, casualty, and specialty re/insurance from its Bermuda base.
The company holds an A- rating from AM Best, while its affiliated advisory group rebranded from Mereo Advisors to Cedar Trace in June 2025, a move executives said was meant to draw a clearer distinction between the regulated balance sheet and the firm's other business lines.
Croom-Johnson said Mereo is welcoming the ESL underwriting team and working with the Everen Group on a smooth transition for brokers and clients ahead of the June 1 renewals.
He characterized the arrangement as a long-term relationship that builds on ESL's 40-year presence in the Bermuda market and what he described as a solid portfolio backed by an experienced underwriting bench.
For Everen, the handover is positioned as a way to keep large-limit casualty capacity on the island while managing an orderly exit from the line.
Robert Foskey, president and CEO of the Everen Group, said the company's priorities through the process centered on continuity for insureds that rely on large casualty limits, a transition path for the ESL underwriting team, and a partner aligned with ESL's standards of service.
"As a Bermuda-based company invested in the long-term strength of this market, we are equally pleased that the transaction keeps meaningful excess liability capacity on-island," Foskey said.
The two companies said they are coordinating to ensure renewed policies move across on or before June 1, 2026, with existing broker and client relationships supported through a joint handover plan.
