Everest Insurance, the primary division of Everest Re Group, has officially entered the Asian market after receiving regulatory approval from the Monetary Authority of Singapore to operate in the country.
The entity will be headquartered in Singapore and Senior Vice President and Regional Head of Insurance in Asia Ben Carey will lead operations and a team underwriters.
Everest’s Singapore office will provide customized risk solutions in 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,” said Carey.
“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,” he explained.
“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. ”
Adam Clifford, co-lead of Everest Insurance International, also commented: “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.”
“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.”
Jason Keen, co-lead of Everest Insurance International, added: “Ben has hired an outstanding team of professionals to establish our presence in Singapore, and under his leadership, I am confident in our ability to become a preferred market leader in Asia and around the globe. We look forward to continuing to deliver value and market expertise to our current and future clients. ”
Last month, Everest Insurance announced that it had also expanded into the Latin American market after receiving regulatory approval to establish a new office in Chile.