Two divisions of Everest Re Group will combine to offer specialty coverages outside of the United States and Canada, essentially going global in their efforts.
Specialty Insurance Group (SIG) and Everest Reinsurance Company are behind the initiative. SIG just launched in July to offer coverage for the sports, leisure and entertainment markets, and has the coverage expertise for the new push. Everest Reinsurance Company, licensed in most markets around the world, has the reach, with offices in Singapore, London, Brussels, Dublin and Sao Paolo, plus it offers specialty facultative lines for treaty and broker clients, according to the announcement.
Both SIG and Everest Re are mulling the introduction of new products for international clients. For now, however, they’ll provide coverages including contingency (event cancellation, non-appearance, etc.), participant accident and liability. They will also focus on penetrating markets including amateur sports, motor sports, event sponsors, sports and entertainment venues, special events, professional sports, and fairs and festivals.
SIG Managing director Greg Mosher said in a statement that the initiative gives the company “the opportunity to extend both brands while meeting the worldwide demand for specialty insurance programs.”
Source: Everest Re Group