Everest Re Group Announces Expansion of its Insurance Operations into Canada
Everest Re Group, Ltd. (NYSE: RE) announced today that its subsidiary, Everest Reinsurance Company has acquired Premiere Underwriting Services (Premiere), a managing general agent headquartered in Toronto, Canada, specializing in Entertainment, Sports and Leisure related risks.
EVEREST RE GROUP LTD Wessex House
45 Reid Street
Hamilton HM 19, Bermuda
CONTACTElizabeth B. Farrell
Vice President, Investor Relations
Everest Global Services, Inc.
HAMILTON, Bermuda – February 11, 2011 - Everest Re Group, Ltd. (NYSE: RE) announced today that its subsidiary, Everest Reinsurance Company has acquired Premiere Underwriting Services (Premiere), a managing general agent headquartered in Toronto, Canada, specializing in Entertainment, Sports and Leisure related risks. Premiere will operate as an affiliate of Everest Insurance Company of Canada.
Additionally, Everest Insurance Company of Canada has entered into an agreement with Executive Risk Insurance Services, Ltd. of Toronto, Canada to purchase the renewal rights and operations of its financial lines business, which underwrites Directors and Officers Liability, Fidelity and Errors and Omissions Liability, among others.
Commenting on these transactions, Mark Herman, CEO of Everest National Insurance, said, "These purchases continue our efforts to expand and diversify our insurance platform into short tail, specialty lines. Both firms bring solid management teams with excellent reputations in their respective fields. We are excited to welcome them to the Everest organization."
Everest Insurance Company of Canada is federally registered and licensed to write property, automobile, surety, liability and other classes of insurance on a primary basis. The company has a financial strength rating of A+ by AM Best and is backed by the assets of Everest Re Group, Ltd.
Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), Limited provides reinsurance to non-life insurers in Europe. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S. Everest Insurance Company of Canada provides property and casualty insurance to policyholders in Canada. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestregroup.com.